Question
Access Company is a manufacturing company. Below is selected information from the Wayne Company's current period accounting records (in $000s): Sales $25,000 Raw Materials Used
Access Company is a manufacturing company. Below is selected information from the Wayne Company's current period accounting records (in $000s):
Sales | $25,000 |
Raw Materials Used | 5,500 |
Direct Labor Costs | 2,000 |
Period Costs (Selling and Administrative) | 5,000 |
Beginning Raw Material Inventory | 600 |
Ending Raw Material Inventory | 2,000 |
Net Income | 600 |
Beginning Work-in-Process Inventory | 0 |
Ending Work-in-Process Inventory | 600 |
Beginning Finished Goods Inventory | 1400 |
Ending Finished Goods Inventory | 800 |
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* NOTE: All raw materials used were direct materials. |
Required: Determine the following (in dollars):
a. | Raw Material Purchases |
b. | Gross Profit |
c. | Cost of Goods Manufactured |
d. | Manufacturing Overhead |
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