A Company had the following account balances for the quarter ending March 30, unless otherwise noted:
Beginning direct materials inventory $25,000
Beginning finished goods inventory $50,000
Beginning WIP inventory $39,000
Depreciation on factory building $54,000
Depreciation on office equipment $40,000
Direct Labor $130,000
Direct materials purchases $175,000
Ending direct materials inventory $29,000
Ending finished goods inventory $44,000
Ending WIP inventory $40,000
Indirect labor $42,000
Indirect materials used $14,000
Miscellaneous manufacturing overhead $25,000
Other selling and administrative expenses $20,000
Property taxes on office buiding $24,000
Sales $700,000
Utilities in factory building $27,000
Required:
- What is the amount of cost of goods manufactured during the quarter?
- What is the amount of gross profit during the period?
- What is the amount of net income (assuming no income taxes)?
- What is the total amount of conversion costs?