Problem 1: During FY 2016, Bravo Manufacturing had a beginning finished goods inventory of $250 & ending finished goods inventory of $1,000. Work-in-process decreased by $500 during FY 2016 and factory overhead was $2,000. The total manufacturing costs amounted to $48,000. Use this information to determine the FY 2016 dollar amount of: (Round dollar values & enter as whole dollars only.)
1. Cost of Goods Manufactured
2. Cost of Goods Sold
Problem 2: During FY 2016 Bravo Manufacturing had total manufacturing costs are $520,000. Their cost of goods manufactured for the year was $475,000. The January 1, 2017 balance of Work-in-Process Inventory is $60,000. Use this information to determine the dollar amount of the FY 2016 beginning Work-in-Process Inventory. (Round dollar values & enter as whole dollars only.)
Problem 3: Bravo Company's January 1, 2016 finished goods inventory was $100,000. The January 1, 2017 finished goods inventory is $80,000. Cost of goods manufactured for the FY 2016 was $250,000. Use this information to determine the dollar amount of the FY 2016 cost of goods sold. (Round dollar values & enter as whole dollars only.)
Problem 4: Bravo Company manufactures quality gentlemen's clothing. The following selected financial information for the fiscal year 2016 is provided:
Item Amount
Sales $100,000
Cost of Goods Manufactured 75,000
Direct Material Purchased 40,000
Factory Overhead 10,000
Work in Process - January 1 30,000
Work in Process - December 31 15,000
Direct Material - December 31 10,000
Finished Goods Inventory - December 31 60,000
Net Income 15,000
Direct Materials used 30,000
Cost of Goods Sold 55,000
Use this information to determine the dollar amount of Bravo's Direct Labor Costs for the fiscal year 2016. (Round dollar values & enter as whole dollars only.)
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