Response to the following problem:
Summer Springs Inc. had the following account balances:
Direct Labor $ 12,500
Raw Materials Purchased 8,500
Factory Utilities 900
Factory Supervisor Salary 1,000
Factory Rent 2,000
Administrative Expense 3,000
Marketing Expense 500
Raw Materials Inventory, September 1 $ 5,000
Raw Materials Inventory, September 30 10,000
Work in Process Inventory, September 1 $ 30,000
Work in Process Inventory, September 30 35,000
Finished Goods Inventory, September 1 $ 20,000
Finished Goods Inventory, September 30 28,000
Calculate the following amounts:
Direct materials used
Direct labor
Factory overhead
Cost of goods manufactured
Cost of goods sold.