Question
Sales $825,000 Beginning Raw Materials Inventory 25,000 Beginning Work-in-Process Inventory 30,000 Beginning Finished Goods Inventory 32,000 Ending Raw Materials Inventory 24,000 Ending Work-in-Process Inventory 28,000
Sales | $825,000 |
Beginning Raw Materials Inventory | 25,000 |
Beginning Work-in-Process Inventory | 30,000 |
Beginning Finished Goods Inventory | 32,000 |
Ending Raw Materials Inventory | 24,000 |
Ending Work-in-Process Inventory | 28,000 |
Ending Finished Goods Inventory | 34,000 |
Raw Materials Purchased | 225,000 |
Assembly Line Labor Costs | 175,000 |
Factroy Supplies Used | 4,500 |
Depreciation on Factory | 22,000 |
Depreciation on Machinery | 32,000 |
Depreciation on Sales Office | 13,000 |
Depreciation on Administrative Equipment | 9,000 |
Sales Salaries | 78,000 |
Factory Supervision | 65,000 |
Factory Security Guard Cost | 33,000 |
Office Security Guard Cost | 28,000 |
(A) What is the cost of materials used during the current year?
(B) What is the overhead incurred during the current year?
(C) What is the total manufacturing (product) cost for the current year?
(D) What is the total cost of goods manufactured for the current year?
(E) What is the total cost of goods sold for the year?
(F) What is the gross profit for the year?
(G) What is the net income for the year?
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