Use the following information to determine net income in the financial statements under GAAP:Number of...
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Accounting
Use the following information to determine net income in the financial statements under GAAP:
Number of boats to be sold560Upstream costs$ 5,300,000Direct materials per boat$ 56,000Direct labor per boat$ 36,000Overhead per boat$ 26,000Downstream costs$ 2,300,000Assume the company wants to sell each boat for 20% more than the cost to produce the boat.
Multiple Choice
$13,216,000
$5,616,000
$7,600,000
$5,300,000
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