1. The following information pertains to Henry Enterprises for 2023: Cost of goods manufactured Direct labor...

 

Transcribed Image Text:

1. The following information pertains to Henry Enterprises for 2023: Cost of goods manufactured Direct labor Direct materials inventory, beginning of year Direct materials inventory, end of year Direct materials purchases Factory overhead Finished goods inventory, beginning of year Finished goods inventory, end of year Gross profit Selling and administrative expenses Work in process inventory, beginning of year Work in process inventory, end of year Assume no income taxes. Required: Determine the following values for 2023: a. Net income b. Cost of goods sold c. Sales d. Direct materials used $152,000 36,000 10,000 13,000 55,000 58,000 16,000 20,000 30,000 12,000 11,000 9,000 c. Prime costs f. Conversion costs 1. The following information pertains to Henry Enterprises for 2023: Cost of goods manufactured Direct labor Direct materials inventory, beginning of year Direct materials inventory, end of year Direct materials purchases Factory overhead Finished goods inventory, beginning of year Finished goods inventory, end of year Gross profit Selling and administrative expenses Work in process inventory, beginning of year Work in process inventory, end of year Assume no income taxes. Required: Determine the following values for 2023: a. Net income b. Cost of goods sold c. Sales d. Direct materials used $152,000 36,000 10,000 13,000 55,000 58,000 16,000 20,000 30,000 12,000 11,000 9,000 c. Prime costs f. Conversion costs

Answer rating: 100% (QA)

To determine the required values for 2023 we can use the given information and the relationships bet... View the full answer