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Cost of Goods Manufactured Presented below is selected information from the Greenville Companys current period accounting records (in $000s): Sales $10,000 Raw Materials Used 2,500
Cost of Goods Manufactured Presented below is selected information from the Greenville Companys current period accounting records (in $000s): Sales $10,000 Raw Materials Used 2,500 Direct Labor Costs 1,000 Period Costs (Selling and Administrative) 2,500 Beginning Raw Material Inventory 300 Ending Raw Material Inventory 1,000 Net Income 200 Beginning Work-in-Process Inventory 0 Ending Work-in-Process Inventory 300 Beginning Finished Goods Inventory 700 Ending Finished Goods Inventory 400 * 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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