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The following information is available for Sylte, Inc. for the year ended December 31, 2016:
Materials Inventory, January 1 77,350
Materials Inventory, December 31 95,550
Work in Process Inventory, January 1 109,200
Work in Process Inventory, December 31 96,200
Finished Goods Inventory, January 1 113,750
Finished Goods Inventory, December 31 100,100
Advertising Expense 68,250
Depreciation Expense-Office Equipment 22,750
Depreciation Expense-Factory Equipment 14,560
Direct Labor 186,550
Utilities-Factory 5,850
Indirect Labor 23,660
Materials Purchased 123,500
Office Salaries Expense 77,350
Property Taxes-Factory 4,095
Property Taxes-Office 13,650
Rent Expense-Factory 6,825
Sales 864,500
Sales Salary Expense 136,500
Supplies-Factory 3,250
Miscellaneous Costs-Factory 4,420
Calculate the following for Sylte, Inc. for the year ended December 31, 2016 (show your work):
1. Cost of Goods Manufactured:
2. Cost of Goods Sold:
3. Gross Profit:
4. Net Income
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