Question
QUESTION 25 Management of Thede Corporation has asked your help as an intern in preparing some key reports for July. The beginning balance in the
QUESTION 25
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Management of Thede Corporation has asked your help as an intern in preparing some key reports for July. The beginning balance in the raw materials inventory account was $29,000. During the month, the company made raw materials purchases amounting to $55,000. At the end of the month, the balance in the raw materials inventory account was $37,000. Direct labor cost was $41,000 and manufacturing overhead cost was $61,000. The beginning balance in the work in process account was $22,000 and the ending balance was $23,000. The beginning balance in the finished goods account was $42,000 and the ending balance was $55,000. Sales totaled $230,000. Selling expense was $13,000 and administrative expense was $32,000. The net operating income for July was:
$28,000
$95,000
$50,000
$83,000
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