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Jack and Susan Roberts: Income statement for production and sale of potatoes

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Please see the attached file.

Jack and Susan Roberts own a farm that produces potatoes. Based on a review of the Income Statement shown in attachment, Jack remarked that they should have fed the No.3 potatoes to the pigs; then they would have avoided the loss from the sale of the those potatoes.

Prepare an income statement that will better show the results of producing and marketing the each of the grades of potatoes.

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This solution helps with an income statement for production and sale of potatoes.

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