Beginning raw materials = $43
Raw materials purchases = $29
Raw materials stolen = $17. [Assume that the cost of raw materials stolen is not included in COGS but is shown as a separate line item on the income statement.]
Raw materials ending = $22
Beginning work in process = $50
Direct labor = $31
Overhead allocated to products = $24
Ending work in process = $10
Beginning finished goods inventory = $21
Ending finished goods inventory = $5
Salesperson salaries = $97
Advertising paid for this and the next year = $26. [Assume that advertising is equally allocated to the two years.]
Revenue = $199
What is:Cost of raw material issued to WIP, Cost of Goods Manufactured, Cost of Goods Sold and Net Income