Solution-Calculate the direct labor used and direct

Calculate the direct labor used and direct materials used

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Reference no: EM131808771

Problem

Taylor's Construction Co. lost some of its financial records. However, the following information is available:

Cost of goods sold	$ 60,000
Work in process, Jan 1	$ 17,500
Work in process, Dec 31	$ 13,500
Selling & admin expenses	$ 15,000
Net income	$ 25,000
Factory overhead	$ 15,000
Direct materials inventory, Jan 1	$ 17,000
Direct materials inventory, Dec 31	$ 13,000
Cost goods manufactured	$ 89,000
Finished goods inventory, Jan 1	$ 22,000

Direct labor cost incurred during the period was 2.5 times factory overhead.
Assume there are no income taxes. Yay!

Required:

Calculate the following:

1. Direct labor used
2. Direct materials used
3. Total manufacturing costs
4. Direct materials purchased
5. Finished goods inventory, Dec 31
6. Net Sales
7. Gross Profit or Gross Margin.

Reference no: EM131808771

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Calculate the direct labor used and direct materials used

Reference no: EM131808771

Reference no: EM131808771

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