v2.cengagenow.com/ilm/take Calculator The following data (in thousands of dollar

Question

v2.cengagenow.com/ilm/take Calculator The following data (in thousands of dollars) have been taken from the accounting $1,980 280 460 400 300 240 240 320 80 140 140 100 Sales Selling expenses Factory overhead Direct labor Administrative expenses Purchases of direct materials Finished goods inventory, beginning Finished goods inventory, ending Materials inventory, beginning Materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Required Enter all amounts in thousands of dollars. a. What was the cost of the direct materials used in production during the year? thousand b. What was the cost of goods manufactured for the year? thousand c. What was the cost of goods sold for the year? d. What was the net income for the year? thousand s 17/20 iems

Explanation / Answer

a Cost of direct materials used=80+240-140= $180 b Cost of goods manufactured=(180+400+460)+140-100= $1080 c Cost of goods sold=1080+240-320= $1000 d Net income=1980-(1000+280+300)= $400

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