Reference no: EM132500467
Selling expenses $ 214,000
Purchases of raw materials $ 270,000
Direct labor ?
Administrative expenses $ 150,000
Manufacturing overhead applied to work in process $ 375,000
Actual manufacturing overhead cost $ 356,000
Inventory balances at the beginning and end of the year were as follows:
Beginning of Year End of Year
Raw materials $ 56,000 $ 30,000
Work in process ? $ 25,000
Finished goods $ 39,000 ?
- The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $667,000; and the net operating income was $32,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold.
Question 1: Make an income statement