There are two problems to complete, each worth 10 points. The full assignment is worth 20 points. You may want to work several of the exercises from our chapter readings this week to start. In addition, work several problems from this week’s chapters in the graded Workout Room thread before attempting the Homework assignments. We will review several problems throughout the week in the workout room.
| Able Corporation incurred the following costs. | |
| Beginning direct materials inventory | 16,000 |
| Beginning work-in-process inventory | 7,000 |
| Beginning finished goods inventory | 19,000 |
| Ending direct materials inventory | 16,000 |
| Ending work in process | 14,000 |
| Ending finished goods | 26,000 |
| Factory supervisor’s salary | 28,000 |
| Depreciation on plant | 12,000 |
| Sales | 800,000 |
| Selling and administrative expenses | 125,000 |
| Plant maintenance | 6,000 |
| Plant utilities | 11,000 |
| Direct material | 215,000 |
| Direct labor | 240,000 |
Calculate the following.
a. Direct materials used
b. Cost of goods manufactured
c. Cost of goods sold
d. Operating income
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