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The following data are available for ABC Company for the year 2009:

Sandpaper $ 20,000 Leasing Costs-Plant $ 240,000
Materials Handling 200,000 Depreciation-Equip. 140,000
Coolants & lubricants 14,000 Property Taxes-Equip. 20,000
Indirect Mfg. Labor 172,000 Fire Insur.-Equip. 10,000
Direct Mfg. Labor 1,360,000 Direct Mat. Purch. 1,960,000
Direct Mat., 1/1/09 240,000 Direct Mat. 12/31/09 172,000
Finished Goods, 1/1/09 420,000 Sales 8,000,000
Finished Goods, 12/31/09 800,000 Sales Commissions 400,000
WIP, 1/1/09 60,000 Sales Salaries 360,000
WIP, 12/31/09 40,000 Advertising costs 300,000
Administration Costs 500,000

A. What is cost of goods manufactured for 2009?
B. What is cost of goods sold, period costs, and net income for 2009?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9100681

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