The following information relates to Marshall Manufacturing's current accounting period: Raw materials used $ 17,600 Direct labor wages 33,600 Sales salaries and commissions 25,600 Depreciation on production equipment 3,060 Rent on manufacturing facilities 4,060 Administrative supplies and utilities 5,600 Sales revenue 111,000 Units produced 4,600 Units sold 4,600 Based on this information, what is the company's net income? (Do not round intermediate calculations.)

Net income = $21,480

Explanation:

Giving the following information:

Raw materials used $ 17,600

Direct labor wages 33,600

Depreciation on production equipment 3,060

Rent on manufacturing facilities 4,060

Total manufacturing cost = 58320

Sales salaries and commissions 25,600

Administrative supplies and utilities 5,600

Sales revenue 111,000

Units produced 4,600

Units sold 4,600

In this case total manufacturing cost = cost of goods sold.

Income statement:

Sales = 111,000

COGS = 58320 (-)

Gross profit = 52,680

Sales salaries and commissions 25,600 (-)

Administrative supplies and utilities 5,600 (-)

Net income = $21,480