The following balances are from the accounts

The following balances are from the accounts

Question 1) The following balances are from the accounts of Tappan Parts:

January 1 (Beginning) December 31 (Ending)

Direct materials inventory $ 962,000 $ 884,000

Work-in-process inventory 1,354,000 1,430,000

Finished goods inventory 312,000 364,000

Direct materials used during the year amount to $1,196,000 and the cost of goods sold for the year was $1,378,000. Required:

Prepare a cost of goods sold statement.

Question 2: The following data are available for Remington Advisors for the month just ended:

Gross margin $ 810,000

Operating profit 305,000

Revenues 1,700,000

Required:

1. Find the marketing and administrative costs.

2. Find the cost of services sold.

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