Problem 1: Able Corporation incurred the following costs. Beginning direct materials inventory $16,000 Beginning work-in-process inventory $7,000 Beginning finished goods inventory $19,000 Ending direct materials inventory $16,000 Ending work in process $14,000 Ending finished goods $ 26,000 Factory supervisor's salary $28,000 Depreciation on plant $12,000 Sales $800,000 Selling and administrative expenses $125,000 Plant maintenance $6,000 Plant utilities $11,000 Direct material purchases $215,000 Direct labor $240,000 Calculate the following. a. Direct materials used b. Cost of goods manufactured c. Cost of goods sold d. Operating income
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