Cost of goods manufactured-cost of goods sold

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Reference no: EM1349762

Hampton Company had the following inventory balances at the beginning and end of the year:

January 1 December 31

Raw material $ 50,000 $ 35,000
Work in process 130,000 170,000
Finished goods 280,000 255,000

During the year, the company purchased $100,000 of raw material and spent $340,000 on direct labor. Other data: Manufacturing overhead incurred $450,000; sales, $1,560,000; selling and administrative expenses, $90,000; income tax rate, 30%.

Required:

Calculate:

A. Cost of goods manufactured.
B. Cost of goods sold.
C. Net income.

Reference no: EM1349762

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