Reference no: EM132597438
Tierney Construction, Inc. recently lost a portion of its financial records in an office theft. The following accounting information remained in the office files:
Cost of goods sold $80,000
Work in process inventory, January 1, 2013 18,500
Work in process inventory, December 31, 2013 14,500
Selling and Administrative Expenses 16,000
Net Income 30,000
Factory overhead 20,000
Direct materials inventory, January 1, 2013 26,000
Direct materials inventory, December 31, 2013 14,000
Cost of goods manufactured 98,000
Finished goods inventory, January 1, 2013 31,000
Direct labor cost incurred during the period amounted to 2.5 times the factory overhead. The CFO of Tierney Construction, Inc. has asked you to recalculate the following accounts and to report to him by the end of tomorrow.
Question 1: What should be the amount of direct materials purchased?
Option 1: $12,000.
Option 2: $19,000.
Option 3: $15,000.
Option 4: $28,000.
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