Taylor Industries had a fire and some of its accounting records were destroyed.Available information is presented below for the year ended December 31.
Additional information:
Factory overhead is 150% of direct labor cost
Finished goods inventory decreased by $18,000 during the year Work in process inventory increased by $12,000 during the year
Calculate:
a Materials inventory, January 1
b Direct labor cost
c Factory overhead incurred
d Cost of goods sold

Question

Taylor Industries had a fire and some of its accounting records were destroyed.Available information is presented below for the year ended December 31.
  Additional information:
Factory overhead is 150% of direct labor cost
Finished goods inventory decreased by $18,000 during the year Work in process inventory increased by $12,000 during the year
Calculate:
a Materials inventory, January 1
b Direct labor cost
c Factory overhead incurred
d Cost of goods sold

Quizplus · Accepted Answer

The Answer of Taylor Industries had a fire and some of its accounting records were destroyed.Available information is presented below for the year ended December 31.
  Additional information:
Factory overhead is 150% of direct labor cost
Finished goods inventory decreased by $18,000 during the year Work in process inventory increased by $12,000 during the year
Calculate:
a Materials inventory, January 1
b Direct labor cost
c Factory overhead incurred
d Cost of goods sold

Taylor Industries Had a Fire and Some of Its Accounting