Presented below is selected information from the Kudlick Company's -Complete Solution
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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 5000
Beginning raw materials inventory 600
Ending raw materials inventory 2000
Net income 600
Beginning work in progress inventory 0
Ending work in progress 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 materials
b. Gross profit
c. Cost of goods manufactured
d. Manufacturing overhead
[Solved] Presented below is selected information from the Kudlick Company's -Complete Solution
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- Submitted On 20 Jan, 2015 07:53:23
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a) inventory
Cost of goods sold = 1400 + 6900 – 800
Cost of goods sold = 7,500
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