he following information is available for Carter Corporation: Materials inventory decreased $4,000. Materials inventory on December 31 was 50% of materials inventory on January 1. Beginning work in process inventory was $145,000. Ending finished goods inventory was $65,000. Purchases of direct materials were $154,700. Direct materials used were 2.5 times the cost of direct labor. Total manufacturing costs incurred were $246,400, which is 80% of cost of goods manufactured and $156,000 less than cost of goods sold. Note to students: The answers are not necessarily calculated in alphabetical order. a.  Compute Finished goods inventory on January 1.$ b.  Compute Work in process inventory on December 31.$ c.  Compute Direct labor incurred.$ d.  Compute Factory overhead incurred.$ e.  Compute Materials inventory on January 1.$ f.  Compute Materials inventory on December 31.$ g.  Compute Direct materials used.$

Question
  1. he following information is available for Carter Corporation:

    1. Materials inventory decreased $4,000.
    2. Materials inventory on December 31 was 50% of materials inventory on January 1.
    3. Beginning work in process inventory was $145,000.
    4. Ending finished goods inventory was $65,000.
    5. Purchases of direct materials were $154,700.
    6. Direct materials used were 2.5 times the cost of direct labor.
    7. Total manufacturing costs incurred were $246,400, which is 80% of cost of goods manufactured and $156,000 less than cost of goods sold.

    Note to students: The answers are not necessarily calculated in alphabetical order.

    a.  Compute Finished goods inventory on January 1.
    $

    b.  Compute Work in process inventory on December 31.
    $

    c.  Compute Direct labor incurred.
    $

    d.  Compute Factory overhead incurred.
    $

    e.  Compute Materials inventory on January 1.
    $

    f.  Compute Materials inventory on December 31.
    $

    g.  Compute Direct materials used.
    $

 

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