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Question - McGroin Corp had the following beginning and ending inventory balances for the year ended December 31, 2015:
JAN 2015
DECEMBER 2015
Materials
$20,000
$30,000
Work in Process
$15,000
$18,000
Finished Goods
In addition, direct labor costs of $75,000 were incurred, overhead applied equaled $80,000, materials purchased were $100,000 and selling and administrative costs were $175,000. McGroin Co. sold 25,000 units of product during the year at a sales price of $20.00 per unit.
1. What was the amount of cost of goods manufactured for the year?
a. $202,000
b. $266,000
c. $245,000
d. $242,000
2. What was the amount of cost of goods sold for the year?
a. $235,000
b. $242,000
c. $252,000
d. $245,000
3. What was McGroin's operating income <loss> for the year?
a. $28,000
b. $73,000
c. <$3,500>
d. $78,000
4. Compute the direct materials used.
a. $95,000
b. $75,000
c. $90,000
d. $80,000
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