The following information is available for the LBB Company for the year 2015:
Required
(1) What are total manufacturing costs charged to work in process?
(2) What are costs of finished goods manufactured?
(3) What is the cost of goods sold?
(4) What is gross profit?
(5) What is operating income?
What will be an ideal response?
1) $1,875
(2) $1,885
(3) $1,870
(4) $715
(5) $115
Feedback: (1) $375 + $500 + $1,000 = $1,875
(2) $80 + $1,875 - $70 = $1,885
(3) $60 + $1,885 - $75 = $1,870
(4) $2,585 - $1,870 = $715
(5) $715 - $300 - $300 = $115
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