Problem 1 Manufacturing Costs (15 points)

Corporation had the following information available for their recent month:

	Beginning	Ending
Direct Materials	10,000	15,000
Work in Process	5,000	7,500
Finished Goods	10,000	12,000
Direct Materials Purchased		75,000
Direct Labor Costs		110,000
Factory Overhead		60,000
Sales		500,000
Selling Expenses		100,000
Administrative Expenses		75,000

Required

Calculate the following amounts:

Questions	Answers
Direct Materials Used
Total Manufacturing Costs
Total Cost of Goods Manufactured
Total Cost of Goods Sold
Gross Profit
Net Income

Calculations