## Question

###### Sions Requirement 1. What is Elkland's predetermined overhead rate based on direct labor hours? Determine the...

sions Requirement 1. What is Elkland's predetermined overhead rate based on direct labor hours? Determine the formula to calculate Elkland's predetermined overhead rate based on direct labor hours, then calculate the rate erences - Predetermined overhead rate

Conferences Collaborations at the end 2020. Fortunately, the controllerhad kept certain statistical data related to the income The financial records of Crane in were destroyed by statement as follows W PLUS Support 1. The beginning merchandise Inventory was 573,600 and decreased 20% during the current year 2 Sales discounts amount to $13.600. 3. 15.904 shares of common stock were outstanding for the entire year. & Interest expense was $16.000 5. The income taxes 30 6. Cost of goods sold amounts to $400.000 7. Administrative expenses are 2016 oct of goods sold but only got tales B Four Arths of the operating experies relate to les activities. From the foregoing information prepare an income statement for the 2020 in stepform. Round caringsershore to 2 decimal places, ca. 148

## Answers

Crane Inc. Income Statement For the Year ending 2020 Gross Sales Sales discount Net Sales Cost of goods sold Gross Profit 1000000 -13600 986400 -400000 586400 80000 320000 16000 (4/5 of operating exp. or Adm. Exp. * 4) Administrative expenses Selling Expense Interest Expense Total Expenses Income before Taxes Taxes @ 30% Net Income Earning per share 416000 170400 51120 119280 7.5 ($119,280 / 15,904 shares of common stock) 80000 / 8%

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