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Figure 2-15 Information from the records of Chrome Ponies Enterprises for June 2014 is as follows: Sales $41,000 Direct labor 10,000 Selling and administrative expenses
Figure 2-15
Information from the records of Chrome Ponies Enterprises for June 2014 is as follows:
Sales $41,000
Direct labor 10,000
Selling and administrative expenses 7,000
Direct materials purchases 5,000
Factory overhead 11,500
Inventories
June 1, 2014 June 30, 2014
Direct materials $1,200 $1,400
Work in process 2,500 2,800
Finished goods 2,300 1,900
7. Refer to Figure 2-15. What is the gross margin (profit)?
a.
$11,500
b.
$11,600
c.
$ 14,500
d.
$ 14,600
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