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, which is 80% of cost of goods manufactured and $156,000 less than cost of goods sold.Note to students: The answers are not necessarily calculated in alphabetical order.a. Compute finished goods inventory on January 1.$fill in the blank 1b. Compute work in process inventory on December 31.$fill in the blank 2c. Compute direct labor incurred.$fill in the blank 3d. Compute factory overhead incurred.$fill in the blank 4e. Compute materials inventory on January 1.$fill in the blank 5f. Compute materials inventory on December 31.$fill in the blank 6g. Compute direct materials used.$fill in the blank 7

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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, which is 80% of cost of goods manufactured and $156,000 less than cost of goods sold.

Note to students: The answers are not necessarily calculated in alphabetical order.

a. Compute finished goods inventory on January 1.
$fill in the blank 1

b. Compute work in process inventory on December 31.
$fill in the blank 2

c. Compute direct labor incurred.
$fill in the blank 3

d. Compute factory overhead incurred.
$fill in the blank 4

e. Compute materials inventory on January 1.
$fill in the blank 5

f. Compute materials inventory on December 31.
$fill in the blank 6

g. Compute direct materials used.
$fill in the blank 7

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