Question
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
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 (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
* 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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