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During FY 2024 Matrix Industries had total manufacturing costs of $563,000. Their cost of goods manufactured for the year was $598,000. The January 1, 2025 balance of the Work-in-Process Inventory is $57,000. Use this information to determine the dollar amount of the FY 2024 beginning Work-in-Process Inventory.

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Mahavir Electricals started the year with total assets of $310,000 and total liabilities of $200,000. During the year, the business recorded $520,000 in revenues, $360,000 in expenses, and dividends of $60,000. What is the net income reported by Mahavir Electricals for the year?

Archer Corp. prepared a fixed budget of 80,000 direct labor hours, with estimated overhead costs of $400,000 for variable overhead and $120,000 for fixed overhead. Archer then prepared a flexible budget of 72,000 labor hours. How much are total overhead costs at this level of activity? Help

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Direct labor : 18750 Direct materials : 14250

Please explain the solution to this financial accounting problem using the correct financial principles.

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