Compute the unknowns Sales 100 000 Direct materials used 29 00
Compute the unknowns:
Sales..................... $ 100,000
Direct materials used.............. 29,000
Direct labor.................. 10,000
Variable selling and administration expenses...... 16,000
Fixed manufacturing overhead........... 30,000
Fixed selling and administration expenses...... 9,000
Gross profit................... ?
Opening material inventory............ 3,000
Closing material inventory ............ 10,000
Variable manufacturing overhead......... ?
Purchase of direct material............ ?
Cost of goods manufactured........... ?
Net income .................. 1,000

There is no opening or closing finished goods or work- in- process inventory.

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