Richards Company manufactures a single product. All raw materials used are traceable to specific units...
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Accounting
Richards Company manufactures a single product. All raw materials used are traceable to specific units of product. Current information for the company follows: Beginning raw materials inventory 35,200 Ending raw materials inventory 28,000 Raw material purchases 90,000 Beginning work in process inventory 42,000 Ending work in process inventory 33,000 Direct labor 65,000 Advertising expense 21,000 Indirect labor 5,500 Factory Maintenance 17,500 Factory Utilities 18,000 Sales commissions 11,250 Office Rent 24,000 Factory Equipment Depreciation 33,100 Sales 375,000 Beginning finished goods inventory 82,400 Ending finished goods inventory 75,600 Calculate the company's costs for 1) direct materials used 2) factory overhead 3) manufacturing costs 4) cost of goods manufactured 5) cost of goods sold 6) gross profit
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