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PROBLEM # $1$

Problem A $-$ II $$ Cost of Goods Manufactured and Sold $(20$ points$)$

Selected account balances of Santana Manufacturing Company appear below for $2020$:

BEG OF YR END OF YR

Finished Goods Inventory $15,00017,000$

Work In Process Inventory $22,00021,000$

Raw Materials Inventory $13,00019,000$

Sales $380,000$

Direct Labor $43,000$

Factory Supervisory Salaries $17,000$

Income Tax Expense $32,000$

Factory Insurance $18,000$

Raw Material Purchases $93,000$

Administrative Expenses $12,000$

Sales Returns and Allowances $3,000$

Factory Depreciation $8,000$

Indirect Labor $14,000$

Selling Expenses $44,000$

INSTRUCTIONS:

Using the above information for Santana Manufacturing Company, answer the following questions.

Support your answers with clearly identified computations.

$1$ What was the amount of direct materials used in production?

$2$ What were the total manufacturing costs incurred?

$3$ What was the cost of goods manufactured?

$4$ What was the cost of goods sold?

$5$ What was the amount of net income?