Question: General Electric: Cost Elements Amount ($) Direct Materials 1,060,000 Direct Labor 860,000 Factory Overheads 820,000 Selling and Distribution Expenses 460,000 Administrative Expenses 420,000 Units Produced
General Electric:
Cost Elements | Amount ($) |
Direct Materials | 1,060,000 |
Direct Labor | 860,000 |
Factory Overheads | 820,000 |
Selling and Distribution Expenses | 460,000 |
Administrative Expenses | 420,000 |
Units Produced and Sold | 90,000 units |
Sales Revenue | 4,500,000 |
Requirements:
- Prepare a cost of goods manufactured statement.
- Calculate the cost of goods sold.
- Compute the gross profit.
- Determine the net profit.
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