The selected amounts that follow were taken from Sharon Corporation's accounting records:

raw material used - $27,000

Direct labor - $35,000

Total Manufacturing costs - $104,000

work in process inventory (1/1) - $19,000

Cost of goods manufactured - $100,000

Cost of goods available for sale - $175,000

Finished goods inventory (12/31) - $60,000

Sales Revenue - $300,000

selling and administrative expenses - $125,000

income tax expense - $18,000

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.

Answer rating: 100% (QA)

Total manufacturing cost Raw material used Direct labor Manufacturing ... View the full answer