Managerial accounting. Please show work so I understand

MANAGERIAL ACCOUNTING HANDOUT PROBLEM 4 Name Section Problem (10 points) After preparing for your managerial accounting exam, you confidently turn to your roommate and declare, "I think I've finally figured out how product costs flow through the various accounts and how they are reflected on income statements and balance sheets." Upon hearing this wonderful news, your roommate responds, "Hey, if you really want to test your understanding of product costing, try working a problem my old prof gave me." After rummaging for fifteen minutes through various files, folders, and shelves, your roommate slaps a sheet of paper in front of you and explains that the sheet contains information pertaining to one year of operations for the Chicago Manufacturing Company. The sheet contains the attached information. At the bottom of the sheet was the following information: Chicago uses a normal costing system. REQUIRED: Using the information given, compute the following amounts. (a) Cost of direct materials purchased. (b) Cost of direct labor. (c) Applied manufacturing overhead. (d) Cost of goods sold before closing out overhead accounts. (e) Net income (loss) before closing out overhead accounts. CHICAGO MANUFACTURING COMPANY LIST OF ACCOUNT BALANCES AT END OF CURRENT YEAR Beginning Inventory, Direct Materials Sales Beginning Inventory, Work in Process Actual Manufacturing Overhead Ending Inventory, Direct Materials Selling and Administrative Expenses Beginning Inventory, Finished Goods Beginning Balance, Property, Plant & Equipment Direct Materials Used Ending Inventory, Work in Process Cost of Goods Manufactured Ending Inventory, Finished Goods Ending Balance, Property, Plant & Equipment Applied Manufacturing Overhead (60 percent of direct labor cost) 10,000 500,000 50,000 120,000 20,000 70,000 100,000 225,000 200,000 80,000 400,000 85,000 240,000