Question
Presented below is selected information from the Larry Company's current period account records (in $000s): Raw Materials Used: 2,500 Direct Labor Costs: 1,000 Period Costs
Presented below is selected information from the Larry Company's current period account records (in $000s):
Raw Materials Used: 2,500
Direct Labor Costs: 1,000
Period Costs (S&A): 2,500
Beginning Raw Materials Inventory: 300
Ending Raw Materials Inventory: 1,000
Net Income: 300
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
Determine the following (in dollars)
a) Raw Materials Purchases
b) Gross Profit if Sales were $12,000
c) Cost of Goods Manufactured
d) Manufacturing Overhead Applied
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