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Partial Income Statement for Manufacturing Company

Morrison Pet Supplies Company (Partial) Income Statement For the Year Ended June 30, 2013 Sales revenues: Sales Less: Sales discounts Net sales Cost of goods sold: Finished goods inventory, July 1, 2012 Cost of goods manufactured Cost of goods available for sale Less: Finished goods inventory, June 30, 2013 Cost of goods sold Gross profit XXXX XXX XXXX XXX XXX XXX XXX XXX XXX

Instructions Sales revenues: and Cost of goods sold: are subtitles only and no dollar amount is placed in the columns to the right of these subtitles. Formulas for statement Sales minus sales discounts equal net sales. Finished goods inventory, July 1, 2012 plus cost of goods manufactured equals cost of goods available for sale. Cost of goods available for sale minus finished goods inventory, June 30, 2013 equals Cost of goods sold. Net sales minus cost of goods sold equals gross profit.

MJC 1/2013

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