You have the following information about the activities of ABC Inc. for 2016
Sales 500,000
Factory maintenance 24,000
Indirect labour 19,000
Direct Material purchases 98,000
Factory utilities 17,000
Ending Direct materials 16,000
General and Administrative expense 71,200
Beginning work-in-process inventory 26,000
Beginning finished goods inventory 63,000
Ending work-in-process inventory 34,000
Ending finished goods inventory 44,600
Beginning direct material inventory 13,000
Selling Expenses 67,600
Direct labour 83,000
Factory insurance 9 ,000
Indirect Materials 7 ,600
Amortization-Factory 30,000
Required:
1. What was the ending direct material inventory?
2. What was the total manufacturing cost?
3. What was the cost of goods manufactured?
4. What was the cost of goods sold?
5. Based on all the answers above, please calculate the net income for 2016