The selected amounts that follow were taken from Hawk Corporation's accounting records: Raw materials used Direct...

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The selected amounts that follow were taken from Hawk Corporation's accounting records: Raw materials used Direct labor $ 25,000 33,000 120, 000 Total manufacturing costs Work-in-process inventory, Jan. 1 Cost of Goods Manufactured 21,000 116, 000 195, 000 Cost of goods available for sale Finished goods inventory, Dec. 31 Sales revenue 64,000 324, 000 129, 000 Selling and administrative expenses Income tax expense 18, 400 Required: Compute the following: A. Manufacturing overhead. B. Work-in-process inventory, 12/31. C. Finished-goods inventory, 1/1. D. Cost of goods sold. E. Gross margin. F. Net income. The selected amounts that follow were taken from Hawk Corporation's accounting records: Raw materials used Direct labor $ 25,000 33,000 120, 000 Total manufacturing costs Work-in-process inventory, Jan. 1 Cost of Goods Manufactured 21,000 116, 000 195, 000 Cost of goods available for sale Finished goods inventory, Dec. 31 Sales revenue 64,000 324, 000 129, 000 Selling and administrative expenses Income tax expense 18, 400 Required: Compute the following: A. Manufacturing overhead. B. Work-in-process inventory, 12/31. C. Finished-goods inventory, 1/1. D. Cost of goods sold. E. Gross margin. F. Net income.

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A Manufacturing overhead Total manufacturing cost Raw material used Direct labo... View the full answer