Cook Co. reports the following information for 2015:

Sandpaper	$10,000	Direct labor	$680,000
Small tools	100,000	Materials inventory, Jan 1	120,000
Coolants & lubricants	7,000	Materials inventory, Dec 31	86,000
Machine helpers' salaries	86,000	Materials purchased	980,000
Finished goods, Jan 1	10,000	Sales	4,000,000
Finished goods, Dec 31	400,000	Work-in-process, Jan 1	30,000
Leasing costs, plant	120,000	Work-in-process, Dec 31	20,000
Depreciation, plant	70,000	Sales Commissions	200,000
Property taxes, equipment	10,000	Insurance, factory equipment	5,000
Sales salaries	180,000	Advertising costs	150,000
Office administration costs	250,000	Units completed	82,000

 

Determine the following for Cook Co. for 2015: 

Cost of DM used

Total Manufacturing Cost

Cost of Goods Manufactured

Cost of Goods Sold

Gross Margin

Operating Expenses

Net Income (Loss) (assuming a 30% tax bracket)

Unit Cost

Answer rating: 100% (QA)

Cook Co All amounts in Cost of DM or Direct Materials Used Materials Inventory Jan 1 120000 Material... View the full answer