Homework Answers
Answer:
Option b) is correct. i.e $916,000.
| Income statement for the year ended | Amount($) | Amount($) |
| Direct materials | ||
| Opening stock | 50,000 | |
| Add: purchases | 2,05,000 | |
| less: Closing stock | -41,000 | |
| 2,14,000 | ||
| Direct labor | 2,98,000 | |
| 5,12,000 | ||
| Factory overhead | 3,50,000 | |
| Add:Work-in-process, December 1 | 85,000 | |
| less:Work-in-process, December 31 | -72,000 | 3,63,000 |
| Work cost | 8,75,000 | |
| Add:Finished goods, December 1 | 64,000 | |
| Less:Finished goods, December 31 | -55,000 | 9,000 |
| Cost of production | 8,84,000 | |
| Selling and administrative expenses | 2,50,000 | |
| Cost of goods sold | 11,34,000 | |
| sale | 20,50,000 | |
| Net income | 9,16,000 |
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