COMPUTING FLOWS OF MANUFACTURING COSTS. 20 points. Below is various...

COMPUTING FLOWS OF MANUFACTURING COSTS. 20 points.

Below is various cost and sales data for Fringe Devices Inc. (FDI), which provides tools for the investigation of paranormal activity. FDI manufactures the Dream Machine. Below are some costs related to the manufacture of this useful product. Note 1: The accounts in this problem are shown in no particular order. Note 2: Don't forget to list each and every one of the manufacturing overheads when you solve this problem!

I can't give you partial credit if all I see is the number $9,999—and that number is wrong!

REQUIRED:

Those WILL be on your ACTUAL Exam #!

Utilities, Factory

Work-In-Process Inventory, January 1 Work-In-Process Inventory, December 31 Selling and Marketing Expenses Technical Support, Factory

Factory Supervision

Rent, Factory Equipment

Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Other Indirect Labor

Raw Materials Inventory, January 1

Raw Materials Inventory, December 31 Revenues

Depreciation, Factory Equipment General and Administrative Expenses. Direct Labor

Purchases of Raw Materials

Insurance, Factory

Property Taxes, Factory

$ 500 20

40

400 100 620 170

30

100 830 110

50 18,000 1,000 3,100 2,000 2,100 400 700

1) Compute FDI's Cost of Goods Sold Expense for the period.

2) Compute FDI's Net Income for the period.