Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dog-Gone-Good, Inc. manufacturers it own brand of pet treats. At the end of the year, the accounting records showed the following: Balances: Beginning Ending Direct

Dog-Gone-Good, Inc. manufacturers it own brand of pet treats. At the end of the year, the accounting records showed the following:

Balances: Beginning Ending
Direct Materials 13,500 7,500
Work-in-Process Inventory 0 3,500
Finished Goods Inventory 0 5,200
Other Information:
Direct Materials purchased 36,000
Plant janitorial services 700
Sales salaries 6,000
Delivery Costs 1,300
Net sales revenue 107,000
Utilities for plant 1,300
Rent on plant 17,000
Customer service hotline costs 1,200
Direct labor 23,000

Answers to questions below should be formatted like numbers above. NO dollar sign and NO decimals. Only use whole numbers and commas.

Calculate Direct Materials Used: _______

Calculate Manufacturing Costs Incurred During the Year:_________

Calculate Cost of Goods Manufactured :_________

Calculate Cost of Goods Sold :_________

Calculate Gross Profit :________

Calculate Net Income

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Risk Based Auditing

Authors: Phil Griffiths

1st Edition

0566086522, 9780566086526

More Books

Students also viewed these Accounting questions