Instructions (a) Compute cost of goods manufactured. (b) Compute cost of goods sold Solution (a) (a) Work-in-process, 1/1 Direct materials Materials inventory, 1/1. Materials purchased.. Materia's available for use Less: Materials inventory, 12/31 Direct materials used.... Direct labor Manufacturing overhead Total manufacturing costs Total cost of work-in-process. Less: Work-in-process, 12/31 Cost of goods manufactured Solution (b) Cost of goods sold Finished goods, 1/1... Cost of goods manufactured Cost of goods available for sale.. Less: Finished goods, 1213.1. Cost of goods sold... 21. Portman Company's activity for the first three months of 2016 are as follows: Machine Hours Electrical Cost COMPREHENSIVE QUESTIONS 19. Determine whether each of the following coMA direct labor (DL.J or manufacturing overhead (MO) (S PNs costs should be classified as direct materials b. legs used in-acturing tables wages paid to assently line workers _ dFactory rent eWages for plant managers 20 The following information is available for Elliot Company.(25 POINTS) Raw materials inventory Work in process inventory Finished goods inventory 26,000 I 8.500 30,000 30,000 22,200 21,000 Materials purchased Direct labor Manufacturing overhead $170,000 230,000 180,000 800,000 Sales 2,100 2,600 2,900 January February March $4,800 $5,800 $6,400 Using the high-low method, answer the questions below, (1) how much is the variable cost per machine hour? (2) how much is the fixed cost element in electrical cost? (10 POINTS) If a company had a contribution margin of $1,000,000 and a contribution margin ratio of 40%, total variable costs must have been (10 POINTS) 22. 24. Gordon Manufacturing earned net income of $100,000 during 2015. The company to earn net income of $40,000 more during 2016. The company' $147,000, and variable costs are expected to be 30% of sales. (16 POINTS) wants s fixed costs are expected to be Instructions: Fill in the dollar amounts for the summary income statement for 2016 below Sales revenue Variable costs Contribution margin Fixed costs Net income