Question
Presented below is selected information from the Ted Companys current period accounting records (in $000s): Sales $12,000 Raw Materials Used 2,500 Direct Labor Costs 1,000
Presented below is selected information from the Ted Companys current period accounting records (in $000s):
Sales | $12,000 |
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 | 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. |
|
Required: Determine the following (in dollars):
a. Raw Material Purchases
b. Gross Profit
c. Cost of Goods Manufactured
d. Manufacturing Overhead
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started