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    Accounting Operating Expenses Net Income

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    PROBLEM I

    FIRST, INC. HAS THE FOLLOWING ACCOUNT BALANCES AT THE END OF MARCH, 2001

    ADMINISTRATIVE EXPENSES $ 53,000
    DIRECT LABOR 56,000
    DIRECT MATERIAL BEG. INV. 12,000
    DIRECT MATERIAL END. INV. 10,000
    DIRECT MATERIAL PURCHASES 55,000
    FINISHED GOODS BEG. INV. 36,000
    FINISHED GOODS END. INV. 32,000
    MANUFACTURING OVERHEAD 38,000
    SALES REVENUE 500,000
    SELLING EXPENSES 8,000
    WORK IN PROCESS BEG. INV. 10,000
    WORK IN PROCESS END. INV. 12,000

    REQUIRED: (SHOW ALL WORK FOR THIS PROBLEM ON WORK SHEET PROVIDED ON PAGE 2).

    1. TOTAL MATERIALS PUT INTO PRODUCTION. ______________________

    2. TOTAL PRODUCTION COSTS. ______________________
    (MANUFACTURING COSTS INCURRED)

    3. COST OF GOODS MANUFACTURED. ______________________

    4. COST OF GOODS SOLD. _______________________

    5. GROSS PROFIT. _______________________

    6. OPERATING EXPENSES. ________________________

    7. NET INCOME. _______________________

    ***Please SHOW AND LABEL ALL WORK ON THE WORKSHEET PROVIDED below:  

    WORK SHEET FOR PROBLEM I

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    https://brainmass.com/business/accounting/accounting-operating-expenses-net-income-396741

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    Solution Summary

    The accounting operating expenses net income are examined.

    $2.19

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