Reference no: EM132675580
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 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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