FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following costs were incurred by ABC Company:
Direct labor $ 950,000
Direct material purchases 645,000
Factory supervisor's salary 98,000
Plant maintenance 26,000
Plant utilities 30,000
Sales 2,555,000
Selling and administrative expenses 480,000
Beginning direct materials inventory 72,000
Beginning work-in-process inventory 54,000
Beginning finished goods inventory 75,000
Ending direct materials inventory 68,000
Ending work-in-process inventory 51,000
Ending finished goods inventory 88,000
Required:
Calculate the following values:
- Direct materials used
- Cost of goods manufactured
- Cost of goods sold
- Operating income
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