TB Problem Qu. 2-135 (Algo) Tao Company had the following inventory... Tao Company had the following inventory balances at the beginning and end of the year: December 31 $ 24,500 206,000 279,000 Raw material Work in process Finished goods January 1 $ 41,000 154,000 340,000 During the year, the company purchased $160,000 of raw material and incurred $364,000 of direct labor costs. Other data: manufacturing overhead incurred, $510,000; sales, $1,660,000; selling and administrative expenses, $82,000; income tax rate, 30%. Required: A. Calculate cost of goods manufactured. B. Calculate cost of goods sold. C. Determine Tao's net income. A. Cost of goods manufactured B. Cost of goods sold C. Net income

TB Problem Qu. 2-135 (Algo) Tao Company had the following inventory... Tao Company had the following inventory balances at the beginning and end of the year: During the year, the company purchased $160,000 of raw material and incurred $364,000 of direct labor costs. Other data: manufacturing overhead incurred, $510,000, sales, $1,660,000, selling and administrative expenses, $82,000; income tax rate, 30% Required: A Calculate cost of goods manufactured. B. Calculate cost of goods sold. C. Determine Tao's net income