Taylor Industries had a fire and some of its accounting records were destroyed. Available information is presented below for the year ended December 31.Materials inventory, December 31$ 15,000Direct materials purchased28,000Direct materials used22,900Cost of goods manufactured135,000 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 $12,000 during the year.a. Calculate Materials inventory, January 1.$b. Calculate direct labor cost.$c. Calculate factory overhead incurred.$d. Calculate cost of goods sold.$

a. Materials inventory, January 1.

Answered: Taylor Industries had a fire and some…

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter1: Introduction To Cost Accounting

Section: Chapter Questions

Problem 9P: Glasson Manufacturing Co. produces only one product. You have obtained the following information...

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Taylor Industries had a fire and some of its accounting records were destroyed. Available information is presented below for the year ended December 31.

Materials inventory, December 31	$ 15,000
Direct materials purchased	28,000
Direct materials used	22,900
Cost of goods manufactured	135,000

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.

a. Calculate Materials inventory, January 1.
$

b. Calculate direct labor cost.
$

c. Calculate factory overhead incurred.
$

d. Calculate cost of goods sold.
$

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