The Following Information Is Available for Carter Corporation

question 166

Essay

The following information is available for Carter Corporation:?
(1)Materials inventory decreased $4,000.
(2)Materials inventory on December 31 was 50% of materials inventory on January 1.
(3)Beginning work in process inventory was $145,000.
(4)Ending finished goods inventory was $65,000.
(5)Purchases of direct materials were $154,700.
(6)Direct materials used were 2.5 times the cost of direct labor.
(7)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

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Definitions:

Mode Accessibility

The ease with which individuals can reach or use different modes of transportation or services.

Lead Time

The period between the initiation and completion of a production process, or the time it takes for an order to be delivered after it has been placed.

Transit Times

The duration it takes for goods or people to move from one location to another, often a critical factor in logistics and transportation planning.

Supply Chain Management

The handling and oversight of a product's flow from raw material sourcing to production, storage, and delivery to customers.