Business, 01.02.2021 21:20, kvngsavage15685
Backyard Fashions is a manufacturer of backyard and deck furniture. Its products are in high dermand and it carries no inventory. Following is a list of selected account balances from its trial balance for the most recent year ended December 31 in no particular order.) Read the requirements
December 31 Account Balances
Salaries and wages 33500
(for administrative and sales staff)
Stain (used in manufacturing fumiture. 13500
Indirect labor costs 21500
(wages ot malntenance workers In factory)
Other manufacturing overhead $10,000
(indludes factory insurance and praperty taxes).
Rent and utlities 12100
(for adrministrative offices)
Utility costs related to factory) 11100
Labor costs
(wages of carpenters who build furniture) 35500
Accounts receivable 27800
Marketing costs 18600
Wood (used in manufacturing fumiture) 55000
Sales revenues. 290000
Accounts payable 6600
Requirements:
Calculate
1. Cost of goods sold. Hint: Cost of goods sold can be calculated by summing
2. Operating expenses. Hint: Operating expenses are the company's period
3. Gross profit the total product costs since there is no inventory. costs.
4. Operating income
Answers: 3
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Backyard Fashions is a manufacturer of backyard and deck furniture. Its products are in high dermand...
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