Question
Based on the data provided what is the gross profit? Presented below is selected information from the Kudlick Companys current period accounting records (in $000s):
Based on the data provided what is the gross profit?
Presented below is selected information from the Kudlick Companys 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 |
Answers:
|
| $5,000 |
|
| $7,500 |
|
| $5,600 |
|
| $4,400 |
| 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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Cost Management
Authors: Don R Hansen, Maryanne M Mowen, Dan L Heitger
5th Edition
357141091, 978-0357141090
