The Following Information Is Available for Carter Corporation

question 120

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.
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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)Materials inventory on December 31
(g)Direct materials used
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Definitions:

Downsizing

The process by which companies reduce their workforce to improve efficiency or reduce costs, often leading to layoffs or terminations.

Occupational Injury

Any harm, damage, or illness sustained as a direct result of activities related to one's job or workplace.

Canadian Workers

Individuals engaged in employment located within Canada, subject to Canadian labor laws and regulations.

Working Day

A standard day on which business is conducted, typically referring to the hours an employee is expected to work.