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Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31: January 1 December 31 $11,000 $ 8,800 Work in process 19,800 Finished goods 23,100 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative expenses were $24,200. Hendrix & Franks Company sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the operating income (loss) for the year? Materials A $3,025 B $2,000 C $125,000 D $18,500 18,700 18,150

Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31: January 1 December 31 $11,000 $ 8,800 Work in process 19,800 Finished goods 23,100 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative expenses were $24,200. Hendrix & Franks Company sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the operating income (loss) for the year? Materials A $3,025 B $2,000 C $125,000 D $18,500 18,700 18,150

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31: January 1 December 31 $11,000 $ 8,800 Work in process 19,800 Finished goods 23,100 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative expenses were $24,200. Hendrix & Franks Company sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the operating income (loss) for the year? Materials A $3,025 B $2,000 C $125,000 D $18,500 18,700 18,150
Transcribed Image Text:Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31: January 1 December 31 $11,000 $ 8,800 Work in process 19,800 Finished goods 23,100 In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative expenses were $24,200. Hendrix & Franks Company sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the operating income (loss) for the year? Materials A $3,025 B $2,000 C $125,000 D $18,500 18,700 18,150
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