Project Description

Description:
We are looking for a freelancer to prepare a classified income statement in Excel for a manufacturing company using the trial balance information provided. The freelancer should also compute Cost of Goods Sold (COGS) using the manufacturing data.

Data Provided (Trial Balance Extract):

• Sales Revenue: 750,000

• Cost of Goods Manufactured: 400,000

• Finished Goods Inventory (Opening): 50,000

• Finished Goods Inventory (Closing): 60,000

• Administrative Expenses: 70,000

• Selling Expenses: 40,000

• Interest Expense: 10,000

• Income Tax: 30,000

Task Requirements:

1. Compute Cost of Goods Sold (COGS):
   Formula →

   $$COGS = Opening Finished Goods Inventory + Cost of Goods Manufactured - Closing Finished Goods Inventory$$

2. Prepare a classified income statement in Excel showing:

   • Sales Revenue

   • Less: COGS (calculated)

   • Gross Profit

   • Less: Operating Expenses

     • Admin Expenses

     • Selling Expenses

   • Operating Income

   • Less: Interest Expense

   • Income Before Tax

   • Less: Income Tax

   • Net Income

3. Use Excel formulas (not hardcoded values) for calculations.

4. Apply neat formatting (headings, bold totals, underlines for subtotals).

Deliverables:

• Excel Spreadsheet – Classified income statement with formulas.

• Word Report – Final statement summary in professional table format.

Deadline: 24th August 2025