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Determine the cost of goods manufactured and gross profit

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Question - Presented below is selected information from the Access Company's current period accounting records:

Sales  $20,000

Raw Materials Used 5,000

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 400

Beginning Work-in-Process Inventory 0

Ending Work-in-Process Inventory 600

Beginning Finished Goods Inventory 1,400

Ending Finished Goods Inventory 800

Required: Determine the following (in dollars):

a. Raw Material Purchases

b. Gross Profit

c. Cost of Goods Manufactured

d. Manufacturing Overhead

Reference no: EM131808863

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