Question - Presented below is selected information from the Kudlick Company's current period accounting records (in $000s):
Sales $25,000
Raw materials used 5,500
Direct Labor Costs 2,000
Period Costs 5000
Beginning raw materials inventory 600
Ending raw materials inventory 2000
Net income 600
Beginning work in progress inventory 0
Ending work in progress inventory 600
Beginning finished goods inventory 1400
Ending finished goods inventory 800
Note: All raw materials used were direct materials.
Required: Determine the following in dollars
a. Raw materials
b. Gross profit
c. Cost of goods manufactured
d. Manufacturing overhead