Question
Bravo Company manufactures quality gentlemen's clothing.The following selected financial information for the fiscal year 2016 is provided: Item Amount Sales - $100,000 Cost of Goods
Bravo Company manufactures quality gentlemen's clothing.The following selected financial information for the fiscal year 2016 is provided:
Item
Amount
Sales - $100,000
Cost of Goods Manufactured - 75,000
Direct Material Purchased - 40,000
Factory Overhead - 10,000
Work in Process - January 1 - 30,000
Work in Process - 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 Bravo's Direct Labor Costs for the fiscal year 2016. (Round dollar values & enter as whole dollars only.)
Could you please explain how to solve for this?
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