Question: Presented below is selected information from the Larry Company's current period accounting records (in $000s): Raw Materials Purchased $3,200 Direct Labor Costs 1,000 Factory Overhead

Presented below is selected information from the Larry Company's current period accounting records (in $000s): Raw Materials Purchased $3,200 Direct Labor Costs 1,000 Factory Overhead Applied 4,000 Beginning Raw Material Inventory 300 Ending Raw Material Inventory 1,000 Beginning Work-in-Process Inventory Ending Work-in-Process Inventory 300 Beginning Finished Goods Inventory Ending Finished Goods Inventory Required: Determine the following: 1. Cost of Raw Material Used in Production. 2. Cost of Goods Manufactured. 3. Cost of Goods Sold
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
