The following data is provided MCGA Ltd: Direct Labour $30,100 Purchase of raw materials $52,890 Factory Management monthly salary ...

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Accounting

The following data is provided MCGA Ltd:
Direct Labour $30,100
Purchase of raw materials $52,890
Factory Management monthlysalary        $ 12,900
Repair for factory (50%) and office (50%) $ 5,160
Advertising expense $38,700
Factory Insurance $387
Sales person, salaries $ 21,500
Rent for factory machinery $   9,890
Factory supplies $ 1,978
Depreciation, office equipment $ 1,505
Depreciation, factory equipment $ 9,030
Beg, Raw Materials $ 3,440
Ending, Raw Materials $ 7,095
Beg, Work-in-Process $ 4,300
Ending, Work-in-Process $ 2,215
Beg, Finished Goods $ 9,998
Ending, Finished Goods $ 16,383
Sales Revenue $1,075,000
  Please calculate the Net Income

Answer & Explanation Solved by verified expert

4.4 Ratings (634 Votes)

Calculation of cost of goods sold Particulars Purchase of raw materials 52890 Add raw materials beginning 3440 Raw materials available for production 56330 Less Raw materials ending 7095 Raw materials used for production 49235 Direct See Answer

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