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