Question

CS-EEE Corporation incurred the following costs while manufacturing its product.
Materials used in product $120,150
Depreciation on plant $60,260
Property taxes on store $7,370
Labor costs of assembly-line workers $110,480
Advertising expense $45,590
Property taxes on plant $14,640
Delivery expense $21,730
Sales commissions $35,820
Salaries paid to sales clerks $50,910
Factory supplies used $23,120
Sales Revenue $400,000
Work in process inventory was $12,230 at January 1 and $15,340 at December 31. Finished goods inventory was $60,450 at January 1 and $45,560 at December 31.
Compute gross profit

Answer 1

Explanation:

product 120000 Depreciation on plant 60000 Property taxes on store 7500 Labor costs of

assembly line workers 110000 Factory supplies used 23000 Advertising expense 45000

Property taxes on plant 14000 Delivery expense 21000 Sales commissions 25000 Salaries

paid to sales clerks 45000 Sales Revenue 496000 Sales Discount 12900 Work in process

inventory was 12000 at January 1 and 15500 at December 31. Finished goods inventory was

60000 at January 1 and 45000 at December 31. Compute net profit.