Taylor Industries had a fire and some of its accounting records were destroyed. Available information is presented below for the year ended December 31. 
Additional information:
Factory overhead is 150% of direct labor cost.Finished goods inventory decreased by $18,000 during the year.Work in process inventory increased by $12,000 during the year.Determine:
a. Materials inventory, January 1
b. Direct labor cost
c. Factory overhead incurred
d. Cost of goods sold
Definitions:
Decision Makers
Individuals or groups responsible for making choices that affect outcomes or determine strategies.
Proactive Tactics
Strategies employed to anticipate and address problems or opportunities before they arise, rather than reacting to them as they occur.
Agent-Target Relationship
describes the dynamic between an individual or entity (agent) that takes action and another individual or entity (target) that is affected by those actions.
Ingratiation
A psychological technique involving the use of flattery or other forms of manipulation to influence someone or gain their favor.
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