Answer:
a. Cost of raw materials used.$ 112,000
b. Cost of goods manufactured/completed.$ 188,000
c. Cost of goods sold. $ 196,000
d. Gross margin. $ 104,000
e. Net income. $ 35155
Step-by-step explanation:
Yuji Corporation
Cost Of Goods Sold Statement.
Beginning Raw materials inventory $34,000
Add Raw material purchased $116,000
Less Ending Raw materials inventory $38,000
Direct Materials Used $ 112,000
Add
Direct Labor Wages to factory workers 55,000
FOH $ 40,000
Utilities for factory building 5,000
Salary to factory supervisors 25,000
Depreciation on factory building and equipment 10,00
Total Manufacturing Costs $ 207,000
Add Beginning Work-in-process inventory 126,000
Cost of goods available for manufacture $ 333,000
Less Ending Work-in-process inventory 145,000
Cost of goods manufactured/completed $ 188,000
Add Beginning Finished goods inventory 76,000
Cost of goods available for sale $ 264,000
Less Ending Finished goods inventory 68,000
Cost of goods sold $ 196,000
We add and subtract as per format to get the required amounts.
Yuji Corporation
Income Statement
Sales revenue $300,000
Less Cost of goods sold $ 196,000
Gross margin $ 104,000
Less Selling and Administrative Expenses
Salary to selling and administrative staff 40,000
Depreciation on office building 12,000
Utilities for office building 7,500
Profit Before Income Tax 44,500
Income Tax ( 21% of 44,500) $ 9345
Net Income $ 35155