Module 1: Chapter 2: Cost Flow (To be posted as a group assignment in your group discussion area) The following information for Transcontinental Inc. is provided. Use this information to answer the succeeding eight questions: Materials Inventory (Jan. 1) Work-in-process Inventory (Jan. 1) $41,500 18,900 Finished Goods Inventory (Jan. 1) Cost of materials purchased Total direct labor costs Depreciation-factory machinery 26,400 145,700 112,300 37,800 Small tools expense 9,100 Office supplies 23,000 Machine helpers wages 38,200 Miscellaneous factory expenses 15,600 Presidents salary 315,000 Power - factory 17,800 Factory insurance expense 10,600 Factory supervisors salary Sales and advertisement Power-office Depreciation-office equipment Materials inventory (Dec. 31) Work-in-process inventory (Dec. 31) Finished Goods Inventory (Dec. 31) The sales for Transcontinental Inc. during this year were $1,645,000 and a total of 3,900 units were completed during the year. Compute the following for the year: 89,300 74,000 7,200 4,750 18,200 42,200 25,900 1. Cost of materials used? 2. Factory overhead? 3. Total manufacturing cost? 4. Cost of goods manufactured? 5. Cost of goods sold? 6. Gross margin? 7. Net Income (Loss)? 8. Unit Cost? Sanjay Gupta, WMBA 6010