Question: Various cost and sales data for Meriwell Company for the just completed year appear in the work-sheet below:
1. Finished goods inventory,beginning $20,000
2. Finished goods inventory,ending $40,000
3.Administrative expenses $110,000
4.Manufacturing overhead $105,000
5.Purchased of raw materials $125,000
6.Raw materials inventory,beginning $9,000
7. Raw materials inventory,ending $6,000
8.Direct labor $70,000
9.Work in process inventory,beginning $17,000
10. Work in process inventory,ending $30,000
11.Sales $500,000
12.Selling expenses $80,000
Of the $105,000 of manufacturing overhead, $15,000 is variable and $90,000 is fixed.