The following information is available for Sylte, Inc. for the year ended December 31, 2016:

Materials Inventory, January 1                                       77,350

Materials Inventory, December 31                                 95,550

Work in Process Inventory, January 1                             109,200

Work in Process Inventory, December 31                       96,200

Finished Goods Inventory, January 1                              113,750

Finished Goods Inventory, December 31                        100,100

Advertising Expense                                                      68,250

Depreciation Expense-Office Equipment                        22,750

Depreciation Expense-Factory Equipment                      14,560

Direct Labor                                                                  186,550

Utilities-Factory                                                            5,850

Indirect Labor                                                               23,660

Materials Purchased                                                     123,500

Office Salaries Expense                                                  77,350

Property Taxes-Factory                                                 4,095

Property Taxes-Office                                                    13,650

Rent Expense-Factory                                                    6,825

Sales                                                                            864,500

Sales Salary Expense                                                     136,500

Supplies-Factory                                                           3,250

Miscellaneous Costs-Factory                                          4,420

Calculate the following for Sylte, Inc. for the year ended December 31, 2016 (show your work):

1.  Cost of Goods Manufactured:

2.  Cost of Goods Sold:

3.  Gross Profit:

4.  Net Income

Answer rating: 100% (QA)

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