Benedetto Fallica is a manufacturer of fashionable clothing. He hired Nadim Youkim as his CFO 5 years ago. Nadim has been happily working at the company for the past 7 years. Nadim has recently been asked by Benedetto to assess the following manufacturing records from the manufacture of the new clothing line with sales of $2,550,000
| Beginning Direct Materials Inventory | $45,000 |
| Direct Materials Purchased | $756,000 |
| Beginning Work in Progress Inventory | $58,500 |
| Beginning Finished Goods Inventory | $175,600 |
| Wages paid for direct labourers | $456,000 |
| Wages paid to factory supervisors | $234,000 |
| P e iden Sala | $450,000 |
| Head office salary costs | $350,000 |
| Wages paid for Indirect Labour | $23,450 |
| Advertising and marketing expenses | $356,000 |
| Electricity used in plant | $130,000 |
| Overhead supplies used in plant | $23,500 |
| Marketing Manager wages | $125,000 |
| Fuel purchased for delivery trucks | $35,600 |
| Oil for factory heating | $87,000 |
| Depreciation on factory equipment | $86,000 |
| Property Tax for the factory | $32,000 |
| Rent paid for head office | $75,000 |
| Rent paid for factory equipment | $34,000 |
| Ending Direct Materials Inventory | $24,500 |
| Ending Work in Progress Inventory | $102,000 |
| Ending Finished Goods Inventory | $164,300 |
Required
- Calculate the Cost of Goods Manufactured for the year
- Calculate the Cost of Goods Sold
- Calculate Operating Income
- Compute the prime costs and the conversion costs
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