Acct353 Fall, 2017 Ch 2 Homework 1. The following information pertains to the Montpelier Company: Direct materials purchases Beginning direct materials Factory overhead Beginning work in process Cost of goods manufactured Ending finished goods Gross margin Selling and administrative expenses Beginning finished goods Ending work in process Ending direct materials Direct labor S62,400 58,400 10,600 164,000 20,000 21,000 16,000 12,400 Direct materials used Operating income (loss) Total manufacturing costs added Cost of goods sold Sales Determine the following values: a. Net income b. Total manufacturing costs added c. Cost of goods sold d. Sales e. Direct materials used f. Direct labor