The following information is used for question 6 - 8.  Craig Beach Vacations (CBV) manufacturers sand-resistant suitcases for the frequent beachgoers. They reported the following inventory values on their balance sheet:      January 1 December 31 Direct materials $120,000 $162,000 Work in process $548,000 $420,000 Finished goods $367,000 $513,000   During the production of 1,800 units, CBV purchased $72,000 in direct materials purchases. They also incurred $33,000 in overhead expenses, $22,400 in administrative expenses, and 1,200 hours of labor. All laborers are paid at a wage rate of $12.00 per hour. CBV sells all their products at an average price of $80 per unit.   Using the information provided, what is the operating income? Please round your answer to the nearest whole dollar. Do not include the "$" symbol.

Jean-Pierre, Inc. makes and sells Fakes. Manufacturing Overhead is applied based on Direct Labor (DL) Hours incurred. Expected DL Hours for October 2023 - 1,800 DL Hours Expected Overhead for October 2023 - $144,000 Beginning and ending inventory balances for October: Materials Inventory 10/1/23 10/31/23 $25,000 28,000 WIP Finished Fakes Inventory $55,000 $22,000 50,000 29,000 During October of 2023: • Jean-Pierre, Inc. purchased $55,000 of Materials Incurred $57,350 of Direct Labor (1,850 DL Hours @ $31 per DL Hour) • . Incurred Manufacturing Overhead totaling $147,000 Required: What is Cost of Goods Manufactured for October 2023? What is Cost of Goods Sold for October 2023 before closing any over/under applied overhead to COGS? What is COGS if any over/under applied overhead is closed to COGS? What is Jean-Pierre, Inc.'s October gross profit if they sold the finished Fakes for $350,000?

Gore’s Green Chemicals inventory goes through 2 distinct processes. Process 1 had beginning WIP inventory of $98,260 on October 1. Of this amount, $31,400 was the cost of direct materials, and $66,860 was for conversion costs. The 8,000 units in the beginning inventory were 30% complete with respect to both direct materials and conversion costs.   During October 17,000 units were transferred out, 500 were spoiled, and 4,500 units remain in ending inventory. Spoiled units were 100% complete with respect to materials and 50% complete with respect to conversion costs. The units in ending WIP were 80% complete with respect to direct materials and 40% complete with respect to conversion costs. Cost incurred during the period amounted to $390,600 for direct materials and $504,640 for conversion costs. Required: Prepare a production cost report for Process 1 using weighted-average costing. What journal entry would be made after preparing the production cost report for process 1?

Mount Elliott Fixtures produces a variety of hardware products, primarily for the home construction and remodeling business. The cost accountant provides you with the following data for the year (in $000): Inventory information: Direct materials Work-in-process January 1 December 31 $ 167 223 2,931 $ 185 197 3,278 Finished goods Other information: Administrative costs Depreciation (Corporate building) For the year $ 6,904 667 Depreciation (Factory) 8,015 Depreciation (Factory machines). 14,242 Direct labor 20,267 Direct materials purchased 14,160 Indirect labor (Factory) 4,994 Indirect materials (Factory) 1,434 Property taxes (Corporate building) 155 Property taxes (Factory) 541 Selling costs 3,224 Sales revenue 71,027 Utilities (Factory) 1,512 Required: a. Prepare a cost of goods sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGS statement Income statement Prepare a cost of goods sold statement. Note: Enter your…