Complete the following exercise. Fill in the Excel spreadsheet provided via the link at the bottom of the page to provide your answers to parts a and b. Then paste the Excel data into a Word document on which you can also write the answer to part c.
| Administrative Expenses |
$ 70,000 |
| Finished Goods Inventory January 1, 20X3 |
$120,000 |
| Cost of Goods Manufactured during the year |
$200,000 |
| Finished Goods Inventory December 31, 20X3 |
$ 60,000 |
| Selling Expenses |
$ 40,000 |
| Sales |
$680,000 |
Required:
- Using the information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 20X3. (Assume a 30% income tax.)
- Provide at least three performance ratios regarding Superior Manufacturing Company, and comment on the company's performance.
- Create a report between 200 and 300 words in length for leadership. The topic is the state of this company. Where do you see a problem regarding the company? Make some suggestions if there are areas you feel need to be further investigated.