Cost of Goods Manufactured, Calculating Unknowns The following information was taken from the accounting records of Tomek Manufacturing Company. Unfortunately, some of the data were destroyed by a computer malfunction.
| Case A | Case B |
Sales | $150,000 | $ ? |
Finished goods inventory, Jan. 1, 2010 | 35,000 | 28,000 |
Finished goods inventory, Dec. 31, 2010 | 40,000 | ? |
Cost of goods sold | ? | 61,000 |
Gross margin | 25,000 | 23,000 |
Selling and administrative expenses | ? | 1,000 |
Operating income | 10,000 | 22,000 |
Work in process, Jan. 1, 2010 | ? | 14,000 |
Direct material used | 18,000 | 8,000 |
Direct labor | 35,000 | 9,000 |
Factory overhead | 50,000 | ? |
Total manufacturing costs | ? | 35,000 |
Work in process, Dec. 31, 2010 | 22,000 | ? |
Cost of goods manufactured | ? | 45,000 |
Required Calculate the unknowns indicated by question marks.
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