Raw materials purchased is 20,000; Raw materials inventory decreased by 2,000; Total Payroll is 30,000 (includes payroll of Sales Dept of 5,000); Rental cost of manufacturing plant is 2,000 and sales commission is 4,000. Work in Process inventory increased by 6,000 while Finished Goods inventory decreased by 3,000. Receivables increased by 10,000 while total collections from customers amounted to 50,000. What is the net income?

Raw materials purchased is 20,000; Raw materials inventory decreased by 2,000; Total Payroll is 30,000 (includes payroll of Sales Dept of 5,000); Rental cost of manufacturing plant is 2,000 and sales commission is 4,000. Work in Process inventory increased by 6,000 while Finished Goods inventory decreased by 3,000. Receivables increased by 10,000 while total collections from customers amounted to 50,000. What is the net income?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 6EB: During the current year, Plainfield Manufacturing earned income of $845,000 from total sales of...

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