The following information for Transcontinental Inc. is provided. Use this information to answer the succeeding eight questions
| Materials Inventory (Jan. 1) | $33,500 |
| Work-in-process Inventory (Jan. 1) | 28,100 |
| Finished Goods Inventory (Jan. 1) | 36,700 |
| Cost of materials purchased | 192,000 |
| Total direct labor costs | 168,300 |
| Depreciation – factory machinery | 36,200 |
| Small tools expense | 8,100 |
| Office supplies | 13,400 |
| Machine helpers wages | 48,500 |
| Miscellaneous factory expenses | 19,600 |
| Presidents salary | 125,000 |
| Power – factory | 27,100 |
| Factory insurance expense | 10,600 |
| Factory supervisors salary | 39,500 |
| Sales and advertisement | 18,000 |
| Power-office | 11,200 |
| Depreciation – office equipment | 8,500 |
| Materials inventory (Dec. 31) | 28,200 |
| Work-in-process inventory (Dec. 31) | 34,700 |
| Finished Goods Inventory (Dec. 31) | 13,900 |
| The sales for Transcontinental Inc. during this year were $1,050,000 and a total of 4,800 units were | |
| completed during the year. Compute the following for the year: | |
| 1. Cost of materials used? | |
| 2. Factory overhead? | |
| 3. Total manufacturing cost? | |
| 4. Cost of goods manufactured? | |
| 5. Cost of goods sold? | |
| 6. Gross margin? | |
| 7. Net Income (Loss)? | |
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