Chase Toys produces toys for dogs. The following information was available for the month ended November 30, 2013 (assume no beginning or ending raw materials inventory):
Sales Revenue
$ 106,500
Direct materials used
32,000
Direct Labor
16,000
Manufacturing overhead*
17,000
Beginning work-in-process
8,000
Ending work-in-process
6,000
Operating expenses
32,000
Finished goods, Nov. 1, 2013
4,000
Finished goods, Nov. 30, 2013
7,200
*All indirect production costs are included in manufacturing overhead.
Compute operating income for Chase Toys for month ended November 30, 2013.
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