Solution-Demonstrate and calculate cost of goods

Demonstrate and calculate cost of goods manufactured

Assignment Help Managerial Accounting

Reference no: EM132633248

Inc. 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 incurred $340,000 of direct labor costs. Other data: manufacturing overhead incurred, $450,000; sales, $1,560,000; selling and administrative expenses, $90,000; income tax rate, 30%.

Required:

Question A. Calculate cost of goods manufactured.

Question B. Calculate cost of goods sold.

Question C. Determine net income.

Reference no: EM132633248

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Demonstrate and calculate cost of goods manufactured

Reference no: EM132633248

Reference no: EM132633248

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