What was the operating income (loss) for the year?
Hendrix & Franks Co. had the following beginning and ending inventory balances for the current year ended December 31:
January 1 December 31
Materials $11,000 $ 8,800
Work in Process 19,800 18,700
Finished Goods 23,100 18,150
In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit.
A. $18,500
B. $125,000
C. $3,025
D. $2,000
Answer: C. $3,025
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