On October 1, the Florida Company had the following inventories: Materials, $ 24,000; work in process, $ 12,000; and finished goods, $ 35,000. During the month, materials purchases totaled $ 56,000....

On October 1, the Florida Company had the following inventories:

Materials,

$ 24,000;

work in process,

$ 12,000; and

finished goods,

$ 35,000.

During the month, materials purchases totaled $ 56,000. Direct labor for October was $40,000, at a uniform wage of $ 6.40 per hour. (Total Labour Hour =

6250) Marketing and administrative expenses for the month amounted to 10% of net sales.

Inventories on October 31 were as follows:

Materials,

$ 20,000;

Work in process,

$ 8,000; and

Finished goods,

$ 40,000.

Net sales for October totaled $ 200,000. Factory overhead is applied on the basis of $ 8 per direct labor hour.

REQUIRED:

vii]. Net Income from Operations (Net Profit)

Aug 18, 2022

SOLUTION.PDF

On October 1, the Florida Company had the following inventories: Materials, $ 24,000; work in process, $ 12,000; and finished goods, $ 35,000. During the month, materials purchases totaled $ 56,000....

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