What is the process costing income statement? Provide a hypothetical example of a process costing income statement in a manufacturing enterprise.
Sample Solution
Process Costing Income Statement
For the period ending June 30th, 2020
Revenues:
Product Sales $3,000,000
Other Revenues $100,000
Total revenues $3,100,000
Costs: Expenses:
Raw Materials Used $2,500,00 Advertising and Promotion $25.000
Direct Labor 500.00 Administrative Salaries 175.000 Utilities 100.00 Professional Fees 75.000 Manufacturing Overhead 950.00 Other Operating Expenses 25.000 Depreciation 250.00 Total Expenses 400.0000