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Information from the records o f Place, Inc., for the month of December is as follows:   Sales $962,000 Direct materials purchases $188,000 Direct labor $280,000 Direct materials, December 1 $25,000 Work in process, December 1 $37,000 Finished goods, December 1 $120,000 Direct materials, December 31 $11,000 Work in process, December 31 $85,000 Finished goods, December 31 $55,000 Factory overhead $290,000 Selling and administrative expenses $170,000 The operating income (loss) for December is:   a. $148,000   b. $117,000   c. $3,000   d. $20,000   e. $34,000   f. $68,000   g. $173,000   h. None of the above

Information from the records o f Place, Inc., for the month of December is as follows:   Sales $962,000 Direct materials purchases $188,000 Direct labor $280,000 Direct materials, December 1 $25,000 Work in process, December 1 $37,000 Finished goods, December 1 $120,000 Direct materials, December 31 $11,000 Work in process, December 31 $85,000 Finished goods, December 31 $55,000 Factory overhead $290,000 Selling and administrative expenses $170,000 The operating income (loss) for December is:   a. $148,000   b. $117,000   c. $3,000   d. $20,000   e. $34,000   f. $68,000   g. $173,000   h. None of the above

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Information from the records o f Place, Inc., for the month of December is as follows:

 

Sales $962,000

Direct materials purchases $188,000

Direct labor $280,000

Direct materials, December 1 $25,000

Work in process, December 1 $37,000

Finished goods, December 1 $120,000

Direct materials, December 31 $11,000

Work in process, December 31 $85,000

Finished goods, December 31 $55,000

Factory overhead $290,000

Selling and administrative expenses $170,000

The operating income (loss) for December is:

 

a. $148,000

 

b. $117,000

 

c. $3,000

 

d. $20,000

 

e. $34,000

 

f. $68,000

 

g. $173,000

 

h. None of the above

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