The Selected Amounts That Follow Were Taken from Shawville Corporation's

question 51

Essay

The selected amounts that follow were taken from Shawville Corporation's accounting records: $\begin{array} { l r } \text { Raw materials used } & \$ 27,000 \\\text { Cost of goods available for sale } & 175,000 \\\text { Direct labour } & 35,000 \\\text { Total manufacturing costs } & 104,000 \\\text { Work in process - Jan 1 } & 19,000 \\\text { Cost of goods manufactured } & 100,000 \\\text { Finished goods inventory - Dec 31 } & 60,000 \\\text { Sales revenue } & 300,000 \\\text { Selling \& administrative expenses } & 125,000 \\\text { Income tax expense } & 18,000\end{array}$ Required:
Compute the following:
A. Manufacturing overhead.
B. Work-in-process inventory on December 31.
C. Finished-goods inventory on January 1.
D. Cost of goods sold.
E. Gross margin.
F. Net income.

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