Planet Manufacturing Provided the Following Information for the Month Ended

question 152

Essay

Planet Manufacturing provided the following information for the month ended March 31:
$$\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 22,000 \\\hline \text { Beginning Finished Goods Inventory } & 7,000 \\\hline \text { Ending Finished Goods Inventory } & 6,500 \\\hline \text { Cost of Goods Manufactured } & 10,600 \\\hline \text { Selling and Administrative Expenses } & 5,125 \\\hline\end{array}$$ Prepare the income statement.

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Definitions:

Pooling of Interests

An accounting method for mergers and acquisitions where the assets and liabilities of two companies are combined at book value, not market value.

Financial Analysts

Professionals who examine financial data and trends to help businesses and individuals make investment decisions.

Rate of Return Ratios

Financial metrics that measure the profit or gain from an investment relative to its cost.

Held-to-Maturity Debt Securities

Debt securities that a company has the intent and ability to hold until they mature.