Cost of goods manufactured, cost of goods sold, and income statement Determine each of the following missing amounts:
|
Firm A |
Firm B |
Firm C |
|
|
Beginning raw materials inventory |
$ 17,000 |
$ ? |
$ 42,000 |
|
Purchases of raw materials during the year |
? |
96,000 |
226,000 |
|
Raw materials available for use |
? |
119,000 |
? |
|
Ending raw materials inventory |
12,000 |
? |
51,000 |
|
Cost of raw materials used |
90,000 |
101,000 |
? |
|
Direct labor costs incurred. |
130,000 |
? |
318,000 |
|
Variable manufacturing overhead applied. |
? |
34,000 |
72,000 |
|
Fixed manufacturing overhead applied. |
100,000 |
60,000 |
? |
|
Total manufacturing costs incurred |
370,000 |
? |
? |
|
Beginning work in process. |
15,000 |
7,000 |
19,000 |
|
Ending work in process |
25,000 |
11,000 |
16,000 |
|
Cost of goods manufactured |
$ ? |
266,000 |
$ ? |
|
Sales |
$ ? |
410,000 |
$ ? |
|
Beginning finished goods inventory |
$ 30,000 |
? |
61,000 |
|
Cost of goods manufactured |
? |
266,000 |
? |
|
Cost of goods available for sale |
? |
303,000 |
761,000 |
|
Ending finished goods inventory |
50,000 |
? |
48,000 |
|
Cost of goods sold |
? |
273,000 |
? |
|
Gross profit |
140,000 |
? |
198,000 |
|
Selling, general, and administrative expenses |
68,000 |
? |
? |
|
Income from operations. |
$ ? |
32,000 |
$ 89,000 |