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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

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