Problem #1 - Chapter 2 (18 points) Beginning Inventory Ending Inventory Direct Material Work-in-Process Finished Goods $ 76,000 $331,000 $679,000 $ 83,000 $$48,000 $653,000 Direct Material purchased - $261,000 Direct Labor for the month - $219,000 Depreciation, Factory (actual) - $15,000 Depreciation, Office Building - $17,000 Supervisors' salaries, Factory - $94,000 Office Salaries - $221,000 Utilities, Factory - $19,000 Utilities, Office Building - $11,000 Manufacturing overhead (applied) - $124,000 Sales Revenue - $1,075,000 Administrative Expenses $286,000 Tax rate -30% 1) Calculate Direct Material used for the month (3 points) 2) Prepare a Cost of Goods Manufactured Statement for the month (7 points) 3) Calculate Cost of Goods Sold for the month (3 points) 4) Prepare the Income Statement for the month (5 points)