Davis Manufacturing Company Had the Following Data Collections on Account Were $625,000

question 196

Essay

Davis Manufacturing Company had the following data: $$\begin{array} { | l | l | l | } \hline & \text { January 1 } & \text { December } 31 \\\hline \text { Accounts receivable } & \$ 27,000 & \$ 33,000 \\\hline \text { Materials inventory } & 22,500 & 6,000 \\\hline \text { Work in process inventory } & 70,200 & 48,000 \\\hline \text { Finished goods inventory } & 3,000 & 15,000 \\\hline\end{array}$$ Collections on account were $625,000.
Cost of goods sold was 68% of sales.
Direct materials purchased amounted to $90,000. Factory overhead was 300% of the cost of direct labor.
Compute:
a) Sales revenue all sales were on account)b) Cost of goods sold
c) Cost of goods manufactured
d) Direct labor used
e) Direct materials incurred
f) Factory overhead incurred

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