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Compute cost of services sold

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Question - ABC Company is a adesign firm. The company works with clients to prepare floor plan and finishing of office space. The company employs 10 professionals and 5 staff. The following data are provided for last year.

Number of designs completed and sold - 700

Beginning inventory of direct materials - $20,000

Beginning inventory of designs in process - $60,000

Ending inventory of direct materials - $

Ending inventory of designs in process - $100,000

Purchases, direct materials - $40,000

Direct labor - $800,000

Manufacturing overhead - $100,000

Administrative expenses - $150,000

Selling expenses - $60,000

Average fee for a design - $2,100

Required:

a. Compute cost of services sold.

b. Prepare an income statement for the company.

Reference no: EM131573420

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