Question: Presented below is selected information from the Larry Company's current period account records (in $000s): Raw Materials Used: 2,500 Direct Labor Costs: 1,000 Period Costs

Presented below is selected information from the Larry Company's current period account records (in $000s):

Raw Materials Used: 2,500

Direct Labor Costs: 1,000

Period Costs (S&A): 2,500

Beginning Raw Materials Inventory: 300

Ending Raw Materials Inventory: 1,000

Net Income: 300

Beginning Work-in-Process Inventory: 0

Ending Work-in-Process Inventory: 300

Beginning Finished Goods Inventory: 700

Ending Finished Goods Inventory: 400

Note: All raw materials used were direct materials

Determine the following (in dollars)

a) Raw Materials Purchases

b) Gross Profit if Sales were $12,000

c) Cost of Goods Manufactured

d) Manufacturing Overhead Applied

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