Question

Selling price is $ 100 Direct material (DM) is $ 10,000 Direct materials cost Raw material inventory beginning Add: purchases of raw material $1.000 Material available for use $11,000 Less: raw material inventory ending S (1,000) Raw material used in production $ 10,000 Direct labor cost (30% of DiN) $5,000 Prime cost $ 15,000 Manufacturing overhead cost (809%) $ 8 000 Total manufacturing cost $23,000 Add: work in process inventory beginning Less: work in process inventory ending Cost of goods manufactured 1,000 $ 46,000 (units) Cost of goods manufactured 1,000 $ 46,000 (units) Add: finished goods beginning $ 4,600 Less: finished goods ending $5,060 Cost of goods gold $ 45,340Income statement Description Amount Description Amount Cost of goods gold $45,340] Sale (990 units by ;) $997000 100) Gross profit $53.460 $99,000 $94 000 Selling and $97900 | Gross profit bid $ 53,460 administration expense (10% of galey) Income tax (@ 10 % $4,:50 Net profit o'd $397204 $63,460 $ 53.460Type of Cost Total Cost Variable Cost Fixed Cost Direct Material Direct Labor MOH Selling and Administrative Expenses Total