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Presented below is selected information from the Kudlick Company's current period accounting records (in $000s): Sales $25,000 Raw materials used 5,500 Direct Labor Costs 2,000
Presented below is selected information from the Kudlick Company's current period accounting records (in $000s): Sales $25,000 Raw materials used 5,500 Direct Labor Costs 2,000 Period Costs 5000 Beginning raw materials inventory 600 Ending raw materials inventory 2000 Net income 600 Beginning work in progress inventory 0 Ending work in progress inventory 600 Beginning finished goods inventory 1400 Ending finished goods inventory 800 note: all raw materials used were direct materials Required: Determine the following in dollars a. Raw materials b. Gross profit c. Cost of goods manufactured d. Manufacturing overhead
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