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INCOME STATEMENT, COST OF GOODS MANUFACTURED Spencer Company produced 200,000 cases of sports… 1 answer below » INCOME STATEMENT, COST OF GOODS MANUFACTURED Spencer Company produced 200,000 cases of sports drinks during the past calendar year. Each case of 1-litre bottles sells for $36. Spencer had 2,500 cases of sports drinks in finished goods inventory at the beginning of the year. At the end of the year, there were 11,500 cases of sports drinks in finished goods inventory. Spencer’s accounting records provide the following information: Required: View complete question » INCOME STATEMENT, COST OF GOODS MANUFACTURED Spencer Company produced 200,000 cases of sports drinks during the past calendar year. Each case of 1-litre bottles sells for $36. Spencer had 2,500 cases of sports drinks in finished goods inventory at the beginning of the year. At the end of the year, there were 11,500 cases of sports drinks in finished goods inventory. Spencer’s accounting records provide the following information: Required: 1. Prepare a cost of goods manufactured statement. 2. Compute the cost of producing one case of sports drink last year. 3. Prepare an income statement on an absorption-costing basis. Include a column showing the percent of each line item of sales. (Round your percentage answers to two significant digits, e.g., 45.67%.) View less » Dec 09 2015 02:54 PM
