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12.10.2020 •
Business
Cook Co. reports the following information for the current year:
Saper Sandpaper $ 17,000
Direct labor 680,000
Small tools 100,000
Materials inventory, Jan 1 120,000
Materials inventory, Dec 31 86,000
Materials purchased 980,000
Machine helpers’ salaries 86,000
Finished Goods, Jan 1 210,000
Finished Goods, Dec 31 400,000
Sales 4,000,000
Leasing costs, plant 120,000
Work-in-process, Jan 1 30,000
Work-in-process, Dec 31 20,000
Depreciation, plant 70,000
Sales Commissions 200,000
Property taxes, plant 10,000
Insurance, factory equipment 5,000
Sales salaries 180,000
Advertising costs 150,000
Office administration costs 250,000
Units completed 82,000
Compute the Net Income (loss) assuming that Cook Co. is in the 30% tax bracket?
a) $1,454,600
b) $1,431,000
c) $1,298,000
d) $908,600
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Ответ:
Cook Co.
Net Income
d) $908,600
Explanation:
a) Data and Calculations:
Cook Co. Information for the current year:
Materials inventory, Jan 1 120,000
Materials purchased 980,000
Materials inventory, Dec 31 86,000
Materials used 1,014,000
Work-in-process, Jan 1 30,000
Materials used 1,014,000
Direct labor 680,000
Total overhead costs 408,000
Work-in-process, Dec 31 (20,000 )
Cost of production $2,112,000
Finished Goods, Jan 1 210,000
Cost of production 2,112,000
Finished Goods, Dec 31 (400,000 )
Cost of Goods Sold $1,922,000
Manufacturing overhead costs:
Saper Sandpaper $ 17,000
Machine helpers’ salaries 86,000
Small tools 100,000
Leasing costs, plant 120,000
Depreciation, plant 70,000
Property taxes, plant 10,000
Insurance, factory equipment 5,000
Total overhead costs $408,000
Sales Commissions 200,000
Sales salaries 180,000
Advertising costs 150,000
Office administration costs 250,000
Total expenses $780,000
Sales 4,000,000
Cost of Goods Sold $1,922,000
Gross profit $2,078,000
Less expenses 780,000
Profit before tax 1,298,000
Income Tax (30%) 389,400
Net Income $908,000
Ответ: