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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Solution Summary
The accounting operating expenses net income are examined.
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