Problem 2 Shadows Sprockets had the following cost information for fiscal year 2016: Materials 01/01/16 $ 47,500 overhead $ 677,400 Work-in-Process 01/01/16 316,000 net income 535,400 Finished Goods 01/01/16 161,000 purchase of materials 386,000 Finished Goods 12/31/16 139,600 admin expenses 526,000 Work-in-Process 12/31/16 243,800 selling expenses 311,000 Materials 12/31/16 51,200 direct labor 411,000 (Hint: Prepare a COGM schedule and I/S. THINK!)

What was the 2016 total current manufacturing cost? What was the cost of goods manufactured for 2016? What was cost of goods sold for 2016? What was gross profit for 2016? What was Sales for 2016