Best Furniture had the following data in 2022:

There were no changes in the work in process inventory or the finished goods inventory.

a. What was cost of goods manufactured?

b. What were period costs?

c. What was gross margin?

d. What was operating income?

e. Prepare an income statement for external reporting purposes.

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Depreciation on equipment (1/4 is for office equipment) Rent, taxes, insurance, utilities (1/3 is administrative) Salaries of factory personnel other than direct labor (other than employees directly working on production) Salaries of salespeople and administrators Freight-out (cost to deliver products to customers: selling cost) Direct labor Raw materials purchased and used (1/5 is for indirect materials) Sales $100,000 $240,000 $60,000 $90,000 $25,000 $175,000 $300,000 $1,000,000