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IV. The analysis below shows the balance sheet accounts at Hoops Manufacturing Company after closing entries were made: Ledger Accounts Debit Credit Cash $ 26,000
IV. The analysis below shows the balance sheet accounts at Hoops Manufacturing Company after closing entries were made: Ledger Accounts Debit Credit Cash $ 26,000 Accounts Receivable 30,000 Materials Inventory, 12/31/XX 42,000 Work in Process Inventory, 12/31/xx 27,400 Finished Goods Inventory, 12/31/xx 52,700 Production Supplies and Tools 8,600 Land 200,000 Factory Building 400,000 Accumulated Depreciation, Building $ 110,000 Factory Equipment 250,000 Accumulated Depreciation, Equipment 72,000 Sales Warehouse 148,000 Accumulated Depreciation, Warehouse 35,000 Patents 27,300 Accounts Payable 101,800 Mortgage Payable 400,000 Common Stock 260,000 Retained Earnings, 12/31/xx 233,200 $1,212,000 $1,212,000 Required: (25 pts) Assuming that the following information reflects the results of operations for 20xx, calculate the (a) gross margin, (b) cost of goods sold. (C) cost of goods available for sale, and (d) cost of goods manufactured. Net Income $133,200 Operating Expenses 48,000 Sales 450,000 Finished Goods Inventory, 1/1/20xx 68,000
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