Posted: April 30th, 2016

# How will this amount be reported in the financial statements?

Requirement 2:
Calculate the cost of goods sold during June. (Round your intermediate calculations to 2 decimal places. Omit the “\$” sign in your response.)

Cost of goods sold \$

Requirement 3:
(a) Calculate the difference between cost of goods manufactured and cost of goods sold. (Round your intermediate calculations to 2 decimal places. Input the amount as positive value. Omit the “\$” sign in your response.)
Difference \$

(b)Requirement 2:
Calculate the cost of goods sold during June. (Round your intermediate calculations to 2 decimal places. Omit the “\$” sign in your response.)

Cost of goods sold \$

Requirement 3:
(a) Calculate the difference between cost of goods manufactured and cost of goods sold. (Round your intermediate calculations to 2 decimal places. Input the amount as positive value. Omit the “\$” sign in your response.)
Difference \$

(b) How will this amount be reported in the financial statements?

The difference between cost of goods manufactured and cost of goods sold is in the account on the balance sheet.

Requirement 4:
Prepare a traditional (absorption) income statement for Gravois, Inc., for the month of June. Assume that sales for the month were \$1,035,000 and the company’s effective income tax rate was 35%. (Amounts to be deducted should be indicated with minus sign. Round your intermediate calculations to 2 decimal places. Omit the “\$” sign in your response.)

Gravois, Inc.
Absorption Income Statement

The difference between cost of goods manufactured and cost of goods sold is in the account on the balance sheet.

Requirement 4:
Prepare a traditional (absorption) income statement for Gravois, Inc., for the month of June. Assume that sales for the month were \$1,035,000 and the company’s effective income tax rate was 35%. (Amounts to be deducted should be indicated with minus sign. Round your intermediate calculations to 2 decimal places. Omit the “\$” sign in your response.)

Gravois, Inc.
Absorption Income Statement

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