The following incomplete income statement information is available for Sawchule Ltd. for 2016:
Sales .............................................................. $560,000
Beginning inventory of finished goods ....................... 270,000
Cost of goods manufactured .................................. 260,000
Net income ........................................................ 50,000
Non-manufacturing costs ...................................... 170,000
The beginning inventory of work in process was $110,000 and there was no ending inventory of work in process.
Instructions
(a) Calculate the gross profit in 2016.
(b) Calculate the cost of goods sold in 2016.
(c) Calculate the cost of the ending inventory of finished goods in 2016.
(d) Calculate the total manufacturing cost in 2016.