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Sky Tracker Corporation manufactures a telecommunications device. During its first year of operations, the company...

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Finance

Sky Tracker Corporation manufactures a telecommunications device. During its first year of operations, the company started and completed 50 devices at a cost of $60,000 per unit. Of these, 48 were sold for $105,000 each, and two remain in finished goods inventory. In addition, the company had six partially completed units in its factory at year-end. Total costs for the year (summarized alphabetically) were as follows.

Direct materials used $ 719,000
Direct labor 802,000
Income tax expense 100,000
General and administrative expenses 500,000
Manufacturing overhead 1,760,000
Selling expenses 500,000

Required:

a. Compute the total manufacturing costs charged to work in process for the current year.

b. Compute the cost of finished goods manufactured for the current year.

c. Compute the cost of goods sold for the current year.

d. Compute the gross profit on sales and net income for the current year.

e. Compute the dollar value of ending inventories of (1) work in process and (2) finished goods for the current year.

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