29 Jun for 2017:
Question
6. Given the following data for 2017:
Administrative costs $35,000
Current liabilities 18,000
Building depreciation (80% for plant) 25,000
Indirect materials and supplies 4,000
Sales commission expenses 12,000
Accounts receivable 15,000
Direct materials inventory, Jan 1, 2017 15,000
Direct labor 32,000
Direct materials inventory, Dec 31, 2017 16,000
Finished goods inventory, Jan 1, 2017 8,000
Finished goods inventory, Dec 31, 2017 7,000
Materials purchases 20,000
Work in process inventory, Dec 31, 2017 10,000
Supervisory and indirect labor 12,000
Accounts payable 9,000
Property taxes (80% for plant) 10,000
Utilities and power (90% for plant) 30,000
Work in process inventory, Jan 1, 2017 12,000
Sales revenue 200,000
Stockholders’ equity 75,000
Determine:
a) The cost of goods manufactured.
b) The operating income.
c) Give an example of:
i. Direct cost
i. Product cost
i. Period cost
i. Variable cost
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