## Answers

Income Statement | ||

Sales [415000+647000] | $ 1,062,000 | |

-Cost of goods sold | $ 647,000 | |

=Gross margin [37000+378000] | $ 415,000 | |

Operating expenses: | ||

Selling expenses | $ 220,000 | |

Administrative expenses | $ 158,000 | |

-Total operating expenses | $ 378,000 | |

=Net operating income | $ 37,000 | |

Schedule of Cost of Goods Sold | ||

Beginning finished goods inventory | $ 31,000 | |

+Cost of goods manufactured [725000-31000] | $ 694,000 | |

Cost of goods available for sale | $ 725,000 | |

-Ending finished goods inventory [725000-667000] | $ 58,000 | |

Unadjusted cost of goods sold | $ 667,000 | |

-Overapplied overhead [379000-359000] | $ 20,000 | |

Adjusted cost of goods sold [667000-20000] | $ 647,000 | |

Schedule of Cost of Goods Manufactured | ||

Direct Materials: | ||

Beginning raw materials inventory | $ 59,000 | |

Add: Purchases of raw materials | $ 263,000 | |

Total raw materials available | $ 322,000 | |

Less: Ending raw materials inventory | $ 30,000 | |

Raw materials used in production | $ 292,000 | |

+Direct labor [675000-379000-292000] | $ 4,000 | |

+Manufacturing overhead applied to work in process | $ 379,000 | |

Manufacturing costs added during the year | $ 675,000 | |

Add: Beginning WIP inventory [727000-675000] | $ 52,000 | |

Total manufacturing costs | $ 727,000 | |

Less: Ending work in process inventory | $ 33,000 | |

Cost of goods manufactured | $ 694,000 |

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