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Taylor Industries Had a Fire and Some of Its Accounting

Question 153

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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.
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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. ​ 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 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

Correct Answer:

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(a)Materials inventory,January 1 = $15,0...

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