The following information was taken from the accounting records of Blazek manufa

Question

The following information was taken from the accounting records of Blazek manufacturing Company. Unfortunately, some of the date were destroyed by a computer malfunction. Sales dollar 90,000 Finished goods inventory, Jan. 1, 2004 20,000 Finished goods inventory, Dec. 31, 2004 16,000 Cost of goods sold question gross margin 25,000 Selling and administrative express question Income before taxes 8,000 Income taxes question Net income 6,000 Work in process, Jan. 1, 2004 question Direct material transferred into WIP 18,000 Direct labor 15,000 Manufacturing overhead 20,000 Manufacturing costs question Work in process, Dec. 31, 2004 17,000 Cost of goods manufactured question

Explanation / Answer

Particulars Amount Sales 90000 Opening stock of finished inventory 20000 Closing stock of finished inventory 16000 Cost of Goods Sold 65000 Gross Margin 25000 Selling & admin Exp 17000 Income before Taxes 8000 Income tax 2000 Net income 6000 Opening WIP 16000 DM transfered to WIP 18000 Direct Labour 15000 Mfg OH 20000 MFG costs 69000 Closing WIP 17000 Cost of Goods MFG 52000

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