The Grinch Company has gathered the following information for the year ended December 31, 20X0: $\begin{array}{ll}
\text { Sales } & \$ 75,000 \
\text { Direct materials used } & 12,900 \
\text { Direct labor } & 5,200 \
\text { Fixed: } & \
\text { Factory overhead } & 6,400 \
\text { Selling expenses } & 2,300 \
\text { Administrative expenses } & 1,700
\end{array}$ $$\begin{array}{l}
\text { Variable: }\
\begin{array} { l l }
\text { Factory overhead } & 3,300 \
\text { Selling expenses } & 5,700 \
\text { Administrative expenses } & 8,300
\end{array}
\end{array}$$ There were no beginning or ending inventories. Net income is:

Question

The Grinch Company has gathered the following information for the year ended December 31, 20X0: $\begin{array}{ll}
\text { Sales } & \$ 75,000 \
\text { Direct materials used } & 12,900 \
\text { Direct labor } & 5,200 \
\text { Fixed: } & \
\text { Factory overhead } & 6,400 \
\text { Selling expenses } & 2,300 \
\text { Administrative expenses } & 1,700
\end{array}$ $$\begin{array}{l}
\text { Variable: }\
\begin{array} { l l } 
\text { Factory overhead } & 3,300 \
\text { Selling expenses } & 5,700 \
\text { Administrative expenses } & 8,300
\end{array}
\end{array}$$ There were no beginning or ending inventories. Net income is:

Quizplus · Accepted Answer

The Answer of The Grinch Company has gathered the following information for the year ended December 31, 20X0: $\begin{array}{ll}
\text { Sales } & \$ 75,000 \
\text { Direct materials used } & 12,900 \
\text { Direct labor } & 5,200 \
\text { Fixed: } & \
\text { Factory overhead } & 6,400 \
\text { Selling expenses } & 2,300 \
\text { Administrative expenses } & 1,700
\end{array}$ $$\begin{array}{l}
\text { Variable: }\
\begin{array} { l l } 
\text { Factory overhead } & 3,300 \
\text { Selling expenses } & 5,700 \
\text { Administrative expenses } & 8,300
\end{array}
\end{array}$$ There were no beginning or ending inventories. Net income is:

The Grinch Company Has Gathered the Following Information for the Year