## Answers

Income statement

Sales revenue (40000*15) | 600000 | |

Cost of goods sold | ||

Beginning finished goods | 24000 | |

Cost of goods manufactured | 245500 | |

Cost of goods available for sale | 269500 | |

Less: Ending finished goods | -26000 | |

Cost of goods sold | 243500 | |

Gross profit | 356500 | |

Operating expense | ||

Marketing expense | 78000 | |

General and administrative expense | 31000 | |

Total operating expense | 109000 | |

Operating income | 247500 | |

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