Question - Presented below is selected information from the Access Company's current period accounting records:
Sales $20,000
Raw Materials Used 5,000
Direct Labor Costs 2,000
Period Costs (Selling and Administrative) 5,000
Beginning Raw Material Inventory 600
Ending Raw Material Inventory 2,000
Net Income 400
Beginning Work-in-Process Inventory 0
Ending Work-in-Process Inventory 600
Beginning Finished Goods Inventory 1,400
Ending Finished Goods Inventory 800
Required: Determine the following (in dollars):
a. Raw Material Purchases
b. Gross Profit
c. Cost of Goods Manufactured
d. Manufacturing Overhead