Reference no: EM132797996

Question - The following data is from the accounting records of Padcore Ltd. for the year just ended:

Administrative expenses 64,000

Administrative salaries 110,000

Depreciation, factory 25,000

Depreciation, office equipment 8,000

Direct labour 400,000

Factory equipment maintenance 15,000

Factory supervisor's salary 80,000

Insurance, factory 22,000

Raw materials purchased 260,000

Sales 1,700,000

Sales salaries and commissions 120,000

Selling expenses 40,000

Supplies, factory 9,000

Utilities, factory 12,000

Beginning of End of the Year the Year

Raw Materials 20,000 35,000

Work in process 40,000 30,000

Finished goods 65,000 40,000

Required - Calculate the cost of goods manufactured, cost of goods sold and net income for the year just ended.