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Using the information below for Talking Toys, Inc., determine the manufacturing costs incurred during the year: A. $13,000. B. $44,500. C. $57,500. D. $94,500. Using the information below, calculate gross profit for the period. A. $714,000. B. $482,000. C. $1,022,000. D. $187,000.
Expert Answer
| Answer 9 -C. $57,500 | ||
| Statement of Cost of Goods Manufactured | ||
| Direct Material | 12,500 | |
| Direct Labor | 26,500 | |
| Factory Overhead | 5,500 | |
| Total Manufacturing Cost | 44,500 | |
| Add: Beginning WIP – Jan 1 | 50,000 | |
| Less: Ending WIP – Dec 31 | (37,000) | |
| Cost of Goods Manufactured | 57,500 | |
| Answer 10-A. $714,000 | ||
| Sales Revenue | 1,254,000 | |
| Less: Cost of Goods Sold | 540,000 | |
| Gross Profit | 714,000 | |
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