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Question
The following information is available for Carter Corporation:
Materials inventory decreased $4,000.
Materials inventory on December 31 was 50% of materials inventory on January 1.
Beginning work in process inventory was $145,000.
Ending finished goods inventory was $65,000.
Purchases of direct materials were $154,700.
Direct materials used were 2.5 times the cost of direct labor.
Total manufacturing costs incurred were $246,400, 80% of cost of goods manufactured and $156,000 less
than cost of goods sold.
Compute:
a. Finished goods inventory on January 1
b. Work in process inventory on December 31
c. Direct labor incurred
d. Factory overhead incurred
e. Materials inventory on January 1
f. Direct materials used
Answer
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