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Please assist. I am confused on how to find the remaining blanks. Much appreciated. Mesa Designs produces a variety of hardware products, primarily for the
Please assist. I am confused on how to find the remaining blanks. Much appreciated.
Mesa Designs produces a variety of hardware products, primarily for the do-it-yourself (DIY) market. As part of your job interview as a summer intern at Mesa, the cost accountant provides you with the following (fictitious) data for the year (in $000). Inventory information: Direct materials Work-in-process Finished goods 1/1/00 $ 64 92 1,003 12/31/00 $ 71 84 1,029 Other information: Administrative costs Depreciation (Factory) Depreciation (Machines) Direct labor Direct materials purchased Indirect labor (Factory) Indirect materials (Factory) Property taxes (Factory) Selling costs Sales revenue Utilities (Factory) For the year 700 $ 3,700 3,580 4,780 8, 100 5,310 1,830 640 265 1,230 38, 110 690 MESA DESIGNS Statement of Cost of Goods Sold For the Year Ended December 31 ($000) $ 92 $ Beginning work-in-process, Jan. 1 Manufacturing costs: Direct materials: Beginning inventory, Jan. 1 Add: Material purchases Direct materials available Less: Ending inventory, Dec. 31 Direct materials used 64 5,310 5,374 71 $ $ 5,303 8,100 Direct labor Manufacturing overhead: Depreciation (factory) Nenreciation (machines $ 3,580 r 4 780 $ 3,580 4,780 Manufacturing overhead: Depreciation (factory) Depreciation (machines) Indirect materials (factory) Indirect labor (factory) Utilities (factory) Property taxes on factory 640 1,830 690 265 11,785 84 Total manufacturing overhead Total manufacturing costs Total cost of work-in-process during the year Less: Ending work-in-process, Dec. 31 Costs of goods manufactured during the year Beginning finished goods, Jan. 1 Finished goods inventory available for sale Less: Ending finished goods inventory, Dec. 31 Cost of goods sold 1,003 1,029 MESA DESIGNS Income Statement For the Year Ended December 31 ($000) Sales revenue Less: Cost of goods sold Gross margin Administrative costs Selling costs Total selling and administrative costs Operating profit 0Step by Step Solution
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