I need correct option general Accounting question Using the information below, calculate the net income for the period:AccountAmountBeginning Raw Materials Inventory $18,500Ending Raw Materials Inventory $22,750Beginning Work in Process Inventory $42,300Ending Work in Process Inventory $39,800Beginning Finished Goods Inventory $63,400Ending Finished Goods Inventory$71,250Cost of Goods Sold for the period$465,000Sales revenues for the period$895,000Operating expenses for the period$176,000a. $430,000b. $254,000c. $627,850d. $312,500e. $210,750

Step 1: Define Net IncomeNet income is the profit remaining after subtracting the cost of goods sold…

Answered: Using the information below, calculate…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 12EA: What are the total costs to account for if a companys beginning inventory had $231,432 in materials,...

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Similar questions

During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of $125,900. Overhead Is applied at the rate of 75% of the direct labor cost. These are the inventory balances: Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
Cost of Goods Manufactured, Income Statement W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for 400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year, there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information: Required: 1. Prepare a statement of cost of goods manufactured. 2. Compute the average cost of producing one unit of product in the year. 3. Prepare an income statement for external users.
Cost of goods sold Pine Creek Company completed 200,000 units during the year at a cost of 3,000,000. The beginning finished goods inventory was 25,000 units at 310,000. Determine the cost of goods sold for 210,000 units, assuming a FIFO cost flow.
Ellerson Company provided the following information for the last calendar year: During the year, direct materials purchases amounted to 278,000, direct labor cost was 189,000, and overhead cost was 523,000. During the year, 100,000 units were completed. Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of 1,312,000 and had selling and administrative expenses of 204,600. Required: 1. What is the cost of goods sold for last year? 2. Prepare an income statement for Ellerson for last year.
Masonrys records show the raw materials inventory had purchases of $1,000and an ending raw materials inventory balance of $200. If the cost of materials used during the month was $900, what was the beginning inventory?
financial accounting
Calculate the net income for the period for Priyanka manufacturing
Tutor of account solve this
Using the information below, calculate the gross profit for the period. Beginning Raw Materials Inventory $25,000 Ending Raw Materials Inventory 30,000 Beginning Work in Process Inventory 55,000 Ending Work in Process Inventory 64,000 Beginning Finished Goods Inventory 80,000 Ending Finished Goods Inventory 67,000 Cost of Goods Sold for the period 5,40,000 Sales revenues for the period 12,54,000 Operating expenses for the period 2,32,000 A. $727,000. B. $1,022,000. C. $187,000. D. $714,000. E. $482,000.
Solve this MCQ
Sub. General Account
Listed below is selected data for Zodiac Company for the current year: Total manufacturing costs incurred during the year $132,000 Work-in-process, beginning inventory Work-in-process, ending inventory $28,000 $18,000 Finished goods, beginning inventory $28,000 Finished goods, ending inventory $18,000 What is the cost of goods sold for the current year?

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