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Smith Co. provided the following account balances for the year ended December 31. Sales Revenue = $1,090,000 Purchase of raw materials = $265,000 Direct Labor
Smith Co. provided the following account balances for the year ended December 31. Sales Revenue = $1,090,000 Purchase of raw materials = $265,000 Direct Labor = $60,000 Administrative expenses = $157,000 Selling expenses = $219,000 Manufacturing OH applied to WIP = $332,000 Total actual Manufacturing OH cost = $351,000 Inventory balances at the beginning and end of year were as follows: Raw Materials Beginning = $55,000 Ending = $32,000 Work in Process Beginning = $45,000 Ending = $33,000 Finished Goods Beginning = $38,000 Ending = $67,000 What is the total Direct Material Used? What is the total Cost of Goods Manufactured? What is the total Adjusted Cost of Goods Sold? What is the total Net Income
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