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Valenko Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses
Valenko Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): |
Selling expenses | $ | 213,000 |
Purchases of raw materials | $ | 264,000 |
Direct labor | ? | |
Administrative expenses | $ | 152,000 |
Manufacturing overhead applied to work in process | $ | 332,000 |
Total actual manufacturing overhead costs | $ | 356,000 |
|
Inventory balances at the beginning and end of the year were as follows: |
Beginning of Year | End of Year | |||||
Raw materials | $ | 51,000 | $ | 38,000 | ||
Work in process | ? | $ | 32,000 | |||
Finished goods | $ | 34,000 | ? | |||
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The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $663,000; and the net operating income was $39,000. The company |
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