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Taylor Industries Had a Fire and Some of Its Accounting

Question 114

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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. 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.Determine: a. Materials inventory, January 1 b. Direct labor cost c. Factory overhead incurred d. Cost of goods sold 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.Determine:
a. Materials inventory, January 1
b. Direct labor cost
c. Factory overhead incurred
d. Cost of goods sold

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a. Materials Inventory, January 1 = $15,...

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