OnLine Quiz 1Due Jan 22 noon Pakoe itd is a manufactrer of o

On-Line Quiz #1-Due Jan 22 (noon) Pakoe itd is a manufactrer of orange babde Tety h otot e ended December 31, 2017 (in \'000): for the ered f4.00 Finished Goods inventory (Jan 1, 2017) $ 130 80 100 Finished Goods inventory (Dec 31, 2017) Work in process (Jan 1, 2017) Wörk in process (Dec 31, 2017) Selling expenses Cost of goods sold Administrative expenses Sales 790 1,200 Answer the following questions for Mr. Tetley (n 000: (a) What is the cost of goods manufactured in 2017? s (b) What is Pekoe\'s gross profit for 20177 s (c) What is Pekoe\'s net income for 2017? s

Solution

a Cost of goods manufactured = 790+80-130= 740 b Gross profit = 1200-790= 410 c Net income = 410-40-70= 300