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Papyrus Corp manufactures several products. Papyrus Corp has gathered the following information for the year...

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Accounting

Papyrus Corp manufactures several products. Papyrus Corp has gathered the following information for the year ended December 31, 2014.

Sales $110,000

Direct Materials Used $10,700

Fixed indirect production costs $10,900

Variable Indirect Production Costs $7,900

Fixed direct labor $10,300

Variable Direct Labor $12,300

Fixed Selling Expenses $33,040

Variable Selling Expenses $3,440

Finished Goods Inventory, Jan 1 $24,000

Finished Goods Inventory, Dec 31 $22,000

WIP Inventory, Jan 1, 2014 $0

WIP Inventory, Dec 31, 2014 $0

Requirements:

Compute the Cost of Goods Manufactured for the year ended Dec 31, 2014.

Compute the Cost of Goods Sold for the year ended December 31, 2014.

Compute the Net Income for the year ended December 31, 2014.

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