The Following Information Is Available for Marks Company at December

question 173

Essay

The following information is available for Marks Company at December 31 2017: $\begin{array} { c c r } \text { 1. Inventory balance } & \text { Beginning of Year } & \text { End of Year } \\ \text { Finished Goods } & \$ 14,000 & \$ 10,000 \\ \text { Work in Process } & 6,000 & 12,000 \\ \text { Raw Materials } & 10,300 & 6,500 \end{array}$

2. Debit postings to Work in Process Inventory during the year were:
$\begin{array}{lr}\text { Direct materials } & \$ 90,000 \\\text { Direct labor } & 60,000 \\\text { Manufacturing overhead applied } & 75,000\end{array}$

3. Sales totaled $\$ 310,000$ for the year. Instructions
(a) Prepare a condensed cost of goods manufactured schedule.
(b) Prepare an income statement for the year through gross profit.

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Definitions:

Problem-focused Coping

A coping strategy targeting the causes of stress in practical ways, aiming to reduce or eliminate the stressors.

Explanatory Style

An individual's habitual way of explaining events, especially the causes of adverse events, which can influence their psychological health.

Internal Attributions

The inference that a person's behavior is due to their own internal characteristics, such as personality, beliefs, or efforts, rather than external circumstances.

External Attributions

The process of explaining one's own behavior or the behavior of others by pointing to causes outside the individual, such as situational factors.