Question
Papyrus Corp manufactures several products. Papyrus Corp has gathered the following information for the year ended December 31, 2014. Sales $110,000 Direct Materials Used $10,700
Papyrus Corp manufactures several products. Papyrus Corp has gathered the following information for the year ended December 31, 2014.
Sales $110,000
Direct Materials Used $10,700
Fixed indirect production costs $10,900
Variable Indirect Production Costs $7,900
Fixed direct labor $10,300
Variable Direct Labor $12,300
Fixed Selling Expenses $33,040
Variable Selling Expenses $3,440
Finished Goods Inventory, Jan 1 $24,000
Finished Goods Inventory, Dec 31 $22,000
WIP Inventory, Jan 1, 2014 $0
WIP Inventory, Dec 31, 2014 $0
Requirements:
Compute the Cost of Goods Manufactured for the year ended Dec 31, 2014.
Compute the Cost of Goods Sold for the year ended December 31, 2014.
Compute the Net Income for the year ended December 31, 2014.
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