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2011 Canseco Company Income Statement

Revenues for Canseco Company in 2011 were $300 million. The income statement shows revenues of $300,000 thousand with cost of goods sold of $131,000 thousand, resulting in a gross margin of $169,000 thousand. After total operating costs of $122,000 thousand, Canseco Company had operating income of $47,000 thousand.

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39 views1 page

2011 Canseco Company Income Statement

Revenues for Canseco Company in 2011 were $300 million. The income statement shows revenues of $300,000 thousand with cost of goods sold of $131,000 thousand, resulting in a gross margin of $169,000 thousand. After total operating costs of $122,000 thousand, Canseco Company had operating income of $47,000 thousand.

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© All Rights Reserved
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2. Revenues for 2011 were $300 million.

Prepare the income

statement for 2011.

Canseco Company
Income Statement
For the Year Ended December 31, 2011 (in thousands)

Revenues $ 300,000

Cost of goods sold

Beginning finished goods inventory January 1, 2011 $ 18,000

Cost of goods manufactured 136,000

Cost of goods available for sale 154,000

ending finished goods inventory December 31, 2011 23,000

Cost of goods sold 131,000

Gross margin 169,000

Operating costs

Marketing, distribution, and customer-service costs 93,000

General and administrative costs 29,000

Total operating costs 122,000

Operating income $ 47,000

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