Homework Answers
Operating income is given and need to find out operating expenses.
For this purpose, we need to find out gross income. To arrive gross income, we need to know sales and cost of goods sold.
Cost of goods sold:
Finished goods inventory, beginning 11,453
Add: Cost of goods manufatured 39,863
Less: Finished goods inventory, ending 4,065
COGS 47,251
We don')*100t know sales but we know gross margin and let we assume unknown sales as x.
Gross Margin = ((Sales-COGS)/Sales)*100
Substituting the values in above equation
35% = ((x-47,251)/x)*100)
0.35 = (x-47,251)/x
0.35x = x-47251
-0.65x = -47,251
x = -47,251/-0.65
x = 72,694
So Sales is $72,694
Gross Income = sales - COGS
= 72,694-47,251
= $25,443
Operating income as given is 17,488.
Operating income is gross income after operating expenses.
It means operating expenses is difference between gross and operating incomes.
Operating expenses = 25,443 - 17,488 = $7,955
Answer is Option B.
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December 31 (all raw materials are used in production as direct
materials):
Selling expenses
$
211,000
Purchases of raw materials
$
264,000
Direct labor
?
Administrative expenses
$
154,000
Manufacturing overhead applied to work in process
$
369,000
Actual manufacturing overhead cost
$
358,000
Inventory balances at the beginning and end of the year were as
follows:
Beginning of Year
End of Year
Raw materials
$
54,000
$
36,000
Work...
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