8) Bravo Company manufactures quality gentlemen\'s clothing. The following selec

Question

8) Bravo Company manufactures quality gentlemen's clothing. The following selected financial information for the fiscal year 2016 is provided: Item Amount Sales $100,000 Cost of Goods Manufactured 75,000 Direct Material Purchased 40,000 Factory Overhead 10,000 Work in Process - January 1 30,000 Work in Process - December 31 15,000 Direct Material - December 31 10,000 Finished Goods Inventory - December 31 60,000 Net Income 22,000 Direct Materials used 30,000 Cost of Goods Sold 55,000 Use this information to determine the dollar amount of Bravo's Operating Expenses for the fiscal year 2016. (Round dollar values & enter as whole dollars only.)

Explanation / Answer

Sales $100000

Cost of goods sold ($55000)

Gross profit $45000

Operating expenses = Gross profit - Net income

= $45000 - $22000

= $23000.

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