Preparing an income statement and computing the unit cost for a merchandising company
Snyder Brush Company sells standard hair brushes. The following information summarizes Snyder’s operating activities for 2012:
| Selling and administrative expenses | $ 49,680 |
| Purchases | 78,000 |
| Sales revenue | 138,000 |
| Merchandise inventory, January 1, 2012 | 7,500 |
| Merchandise inventory, December 31, 2012 | 12,360 |
Requirements
1. Prepare an income statement for 2012. Compute the ratio of operating expense to total revenue and operating income to total revenue.
2. Snyder sold 6,000 brushes in 2012. Compute the unit cost for one brush.
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