The McCain Company Manufactures Several Products Requirements:
A) Compute the Cost of Goods Manufactured for the Following

The McCain Company manufactures several products.The McCain Company has gathered the following information for the year ended December 31,2015:
$\begin{array}{ll}\text { Sales } & \$ 110,000 \\\text { Direct materials used } & \$ 10,700 \\\text { Fixed indirect production costs } & \$ 10,900 \\\text { Variable indirect production costs } & \$ 7,900 \\\text { Fixed direct labor } & \$ 10,300 \\\text { Variable direct labor } & \$ 12,300 \\\text { Fixed selling expenses } & \$ 33,040 \\\text { Variable selling expenses } & \$ 3,440 \\\text { Finished Goods Inventory, January 1, 2015 } & \$ 24,000 \\\text { Finished Goods Inventory, December 31,2015 } & \$ 22,000 \\\text { Work-In-Process Inventory, January 1, 2015 } & 0 \\\text { Work-In-Process Inventory, December 31,2015 } & 0\end{array}$
Requirements:
A) Compute the Cost of Goods Manufactured for the year ended December 31, 2015.
B) Compute the Cost of Goods Sold for the year ended December 31, 2015.
C) Compute the Net Income for the year ended December 31, 2015.

Correct Answer:

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A)$52,100($10,700 + $10,900 + ...

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