Presented Below Is Data from Partially Completed Ledger Accounts and Additional

question 37

Essay

Presented below is data from partially completed ledger accounts and additional information for the CumChan Manufacturing Company for the year 2014. Account balances at 01/01/14:

Additional Information:

1. Direct manufacturing labour wage rate was $7.50 per hour.
2. Manufacturing overhead is allocated at $10 per direct manufacturing labour hour.
3. During the year, sales revenues were $595,000, and marketing and distribution expenses were $70,000.
4. Direct labour for year $180,000.
5. Total credit entries to Raw Materials account during year $190,000.
6. Total debit entries to the Finished Goods account during year $470,000.
7. Total debit entries to Manufacturing Overhead during the year $270,000.
8. Ending Finished Goods was $10,000.
9. Administrative expenses were $50,000.

-What was Net Income in 2014?

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