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Prepare an income statement for external users

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Problem - Laworld Inc. manufactures small camping tents. Last year, 200,000 tents were made and sold for $60 each. Each tent includes the following costs: The only selling expenses were a commission of $2 per unit sold and advertising totaling $100,000. Administrative expenses, all fixed, equaled $300,000. There were no beginning or ending finished goods inventories. There were no beginning or ending work-in-process inventories. Prepare an income statement for external users. Did you need to prepare a supporting statement of cost of goods manufactured? Explain.

Reference no: EM132870079

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