Question
Bravo Company manufactures quality gentlemens clothing. The following selected financial information for the fiscal year 2016 is provided: Sales $100,000 Cost of Goods Manufactured 75,000
Bravo Company manufactures quality gentlemens clothing. The following selected financial information for the fiscal year 2016 is provided: Sales $100,000 Cost of Goods Manufactured 75,000 Direct Materials Purchased 40,000 Factory Overhead 10,000 Work in Progress - January 1 30,000 Work in Progress December 31 15,000 Direct Material - December 31 10,000 Finished Goods Inventory - December 31 60,000 Net Income 15,000 Direct Materials Used 30,000 Cost of Goods Sold 55,000 Use this information to determine the dollar amount of Bravos the following:
1. Finished Goods - January 1, 2016
2. Gross Profit - FY 2016
3. Operating Costs - FY 2016
4. Direct Labor Costs - Fy 2016
5. Direct Materials Inventory - Jan 1, 2016
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