Question: The following partial income statement information is available for Gresham Products for June 2015: Sales . . . . . . . . . .
The following partial income statement information is available for Gresham Products for June 2015:
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $800,000
Beginning finished goods inventory . . . . . . . . . . . . . . . . . . . 300,000
Cost of goods manufactured . . . . . . . . . . . . . . . . . . . . . . . . . 570,000
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000
Nonmanufacturing costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . 150,000
Required:
1. What was the value of the ending inventory of finished goods?
2. If the beginning work-in-process inventory was $120,000 and there was no ending work-in-process inventory, what was the total manufacturing cost in June 2015?
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1 Gross profit Net income Nonmanufacturing costs 60000 150000 210000 Cost of goods sold S... View full answer
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