Use the following data to prepare the Income statementThe expected total sales for this product...
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Accounting
- Use the following data to prepare the Income statement
The expected total sales for this product for the year ended 30 June 2023 are $ 9,500,000 and the expected total costs and operating expenses are $5,000,000 and the costs will be allocated as follows.
| Cost/Expense item | Amount ($) |
| Cost of goods sold | 1,200,000 |
| Sales Salaries expense | 400,000 |
| Office Salaries expense | 450,000 |
| Advertising expense | 350,000 |
| Office supplies expense | 328,000 |
| Rent expense | 820,000 |
| Insurance expense | 250,000 |
| Utilities expense | 292,000 |
| Depreciation expense | 280,000 |
| Interest expense | 270,000 |
| Tax expense | 360,000 |
| Total | 5,000,000 |
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