Reference no: EM133016485

Question - Sydney Incorporation's books for 2020 (January 1 to December 31) contain the following information:

1. Direct materials (DM) closing inventory was $4,000 less than the DM opening inventory.

2. Materials ending inventory was exactly half of the materials beginning inventory.

3. Work in process inventory (WIP) at the start of the year was $145,000.

4. Finished goods inventory at the end of the year was $65,000.

5. Direct materials worth $150,000 were purchased during the year.

6. Direct materials used were 2.5 times the cost of direct labor.

7. Manufacturing overhead amounted to exactly half of the cost of direct labor.

8. Total manufacturing costs incurred during the period were $246,400; the total manufacturing costs were 80% of cost of goods manufactured and $156,000 less than cost of goods sold.

Compute/work out the following for 2020, showing all your workings/calculations:

a) What was the beginning DM inventory for the year?

b) What was the closing DM inventory for the year?

c) What was the closing work in process (WIP) inventory for the year?

d) What was the beginning finished goods (FG) inventory for the year?

e) How much DM were used during the year?

f) How much manufacturing overhead cost was incurred during the year?

g) How much direct labor (DL) cost was incurred during the year?