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Valenko Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials):
The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $39,000. The company's overapplied or underapplied overhead is closed entirely to cost of goods sold.
Debit Credit
Direct materials -
Prepare a schedule of cost of goods sold. (Input all amounts as positive values. Omit the "$" sign in your response.)
Valenko Company Schedule of Cost of Goods Sold
Credit
Prepare an income statement for the year. (Input all amounts as positive values. Omit the "$" sign in your response.)
Valenko Company Income Statement
Sales
Gross margin
Net operating income
Maggie is single and supports her 85-year-old parents who live in a home rented for them by Maggie and who have no income. What is Maggie's filing status and why?
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