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Tao Company had the following inventory balances at the beginning and end of the year...

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Accounting

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Tao Company had the following inventory balances at the beginning and end of the year January 1 December 31 47,000 Raw material Work in proc Finished goods 27, 500 ess 166,000 224,000 291,000 370, 000 During the year, the company purchased $190,000 of raw material and incurred $376,000 of direct labor costs. Other data manufacturing overhead incurred, $540,000, sales, $1,720,000, selling and administrative expenses, $88,000, income tax rate, 30% Required: A. Calculate cost of goods manufactured. B. Calculate cost of goods sold C. Determine Tao's net income. A. Cost of goods manufactured B. Cost of goods sold C. Net income

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