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1 Practice Quiz - Managerial Accounting Concepts WIP Inventory Finished Goods Inventory Beginning 85,000 Beginning 160,000 4 5 Materials Inventory 6 7 Beginning 47,000 8 9 10 11 12 13 14 15 16 17 18 19 Additional Information 20 21 Materials Purchased $ 202,000 22 Drect Labor 277,000 23 Factory Overhead 106,000 24 Total Manufacuring Cost 695,000 25 WIP inventory 12/31 123,000 26 FG Inventory 12/31 143,000 27 Operating Expenses 84,000 28 29 Required 30 1. Compute the following amounts: 31 Materials inventory 12/31 32 DM Used in Production 21 Manufacturing Cost incurred During the Period 34 Cost of Goods Manufactured 35 Cost of Goods Available for Sale 36 37 2. Prepare an income Statement 38 39 Income Statement Sales $ 805,000 Cost of Goods Sold Gross Profit $ Operating Expenses Net Income 15