Information for the year ended December 31, 2010:
- Sales 110,000
- Direct materials used 20,800
- Indirect production costs-fixed 10,400
- Indirect production costs-variable 6,600
- Direct laborNfixed 12,300 Direct labor-variable 22,300
- Selling expenses-fixed 33,040
- Selling expenses-variable 33,440
- Finished goods inventory, January 1, 2010 12,000
- Finished goods inventory, December 31, 2010 22,000
- Work in process inventory, January 1, 2010 0
- Work in process inventory, December 31, 2010 0
Requirements:
A) Compute the Cost of Goods Manufactured for the year ended December 31, 2010.
B) Compute the Cost of Goods Sold for the year ended December 31, 2010.
C) Compute the Net Income(Loss) for the year ended December 31, 2010.