Question
If income statement is as follow Revenue 645000 COG sold 368750 gross profit 276250 Selling ex 85120.00 admin 71400.00 total operating 156520 net income 119730
If income statement is as follow
Revenue 645000
COG sold 368750
gross profit 276250
Selling ex 85120.00
admin 71400.00
total operating 156520
net income 119730
a. Purchased $133,400 of materials
.b. Used $94,980 ofdirect materialsin production
.c. Incurred $180,320 of direct labor wages
.d. Incurred $215,440 offactory overhead
.e. Transferred $425,880 ofwork in processtofinished goods
.f. Sold goods for $645,000
.g. Sold goods with acostof $368,750
.h. Incurred $85,120 of selling expense.
i. Incurred $71,400 of administrative expense.
I am having trouble figuring the inventory balances for
materials,
work in progress,
finished goods
Can you help?
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