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