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

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.Determine: 
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.Determine: 
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