The selected amounts that follow were taken from Kentucky Corporation's accounting records:
Raw material used $ 27,000
Direct labor 35,000
Total manufacturing costs 104,000
Work-in-process inventory, 1/1 19,000
Cost of goods manufactured 100,000
Cost of goods available for sale 175,000
Finished-goods inventory, 12/31 60,000
Sales revenue 300,00c0
Selling and administrative expenses 125,000
Income tax expense 18,000
Required:
Compute the following:
A. Manufacturing overhead.
B. Work-in-process inventory, 12/31.
C. Finished-goods inventory, 1/1.
D. Cost of goods sold.
E. Gross margin.
F. Net income.