Chapter 2 Pl: Murdock Company has the following information from last yea Costs Incurred Raw materials purchased Direct labor Indirect labor Equipment Maintenance Insurance on Factory Rent on factory Equipment depreciation Factory supplies Advertising expenses Selling and administrative expenses Dollars 125,000 75,000 40,000 10,000 12,000 30,000 20,000 11,000 15,000 21,000 Ending Inventories Raw materials Work in process Finished goods Beginning Balance($ 10,000 20,000 30,000 Balance($) 17,000 31,000 25,000 1. 2. Determine the cost of goods manufactured. Determine the cost of goods sold (absorption costing) Chapter 2 P2: Scott Company has the following information from last year. Scott Company produced 10,000 units, out of which 9,100 were sold for $50 each. Direct materials Direct labor Variable manufacturing overhead $6.00 per unit $2.00 per unit $1.50 per unit $3.00 per unit Variable selling and administrative costs Fixed manufacturing overhead Fixed selling and administrative costs $40,000 $50,000 absorption (full) costing rect) costing. 1Determine the net income under Determine the net income under variable (di 2