Question: Presented below is selected information from the Ted Companys current period accounting records (in $000s): Sales $12,000 Raw Materials Used 2,500 Direct Labor Costs 1,000
Presented below is selected information from the Ted Companys current period accounting records (in $000s):
| Sales | $12,000 |
| Raw Materials Used | 2,500 |
| Direct Labor Costs | 1,000 |
| Period Costs (Selling and Administrative) | 2,500 |
| Beginning Raw Material Inventory | 300 |
| Ending Raw Material 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 |
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| NOTE: All raw materials used were direct materials. |
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Required: Determine the following (in dollars):
a. Raw Material Purchases
b. Gross Profit
c. Cost of Goods Manufactured
d. Manufacturing Overhead
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