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amount of net incomeSelected account balances of H

amount of net incomeSelected account balances of H

amount of net incomeSelected account balances of Heedy Manufacturing Company appear below for 2005:Beginning of Year End of yearFinished Goods Inventory 20000 26000Work in Process Inventory 30000 35000Raw Materials Inventory 46000 26000Sales 340000Direct Labor 55000Factory Supervisory Salaries 18000Income Tax Expense 25000Factory Insurance 12000Raw Material Purchases 90000Administrative Expenses 27000Sales Return and Allowances 15000Factory Depreciation 22000Indirect Labor 11000Selling Expenses 35000 Using the above information for Heedy Manufacturing Company, answer the following questions Support your answers with clearly identified computations1 What was the amount of direct materials used in production?2 What were the total manufacturing costs incurred?3 What was the cost of goods manufactured?4 What was the cost of goods sold?5 What was the amount of net income?

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