problem 6-4 and 6-5

oks Problem 6-4 /25%0-60% Net income for the year was $75,000. Selling expenses were equal to 15% of sales and also 25% of the cost of sales. All other expenses were 10 % of sales. -To0% ostof Salos fosteps 4 00 Required: What was the amount of cost of sales for the year? Problem 6-5 Black Panther Company had inventories as follows: Beginning Ending 30,000 $ 22,000 Raw materials 48,000 40,000 Work in process Finnished goods 18,000 25,000 During the year, the following costs were incurred: 300,000 120,000 S Raw materials purchased Direct labor 60,000 Indirect labor 20,000 15,000 40,000 24,000 Taxes and depreciation of factory building Taxes and depreciation of salesroom and office Salesmen's salaries 50,000 Office salaries Utilities (60% applicable to factory, 20 % to storeroom, 20 % to Office) Required: What was the amount of cost of goods sold for the year? Present in good form