The Following Information Is Available for Carter Corporation for 2012

question 9

Essay

The following information is available for Carter Corporation for 2012:
1) Materials inventory decreased $4,000 during 2012.
2) Materials inventory on December 31, 2012, was 50% of materials inventory on January 1, 2012.
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, 2012
b) work in process inventory on December 31, 2012
c) direct labor incurred
d) factory overhead incurred
e) direct materials used
f) materials inventory on January 1, 2012
g) materials inventory on December 31, 2012
Note to students: The answers are not necessarily calculated in alphabetical order.

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Definitions:

Antagonist

An antagonist is a substance that inhibits or blocks the activity of a neurotransmitter or hormone at receptor sites in the brain.

Myasthenia Gravis

Myasthenia Gravis is an autoimmune disorder characterized by muscular weakness and fatigue, as the immune system mistakenly attacks the body's own neuromuscular junctions.

Acetylcholine Agonist

A substance that mimics the action of acetylcholine, a neurotransmitter involved in muscle activation and memory, by binding to acetylcholine receptors.

Physostigmine

A naturally occurring cholinesterase inhibitor used in the treatment of myasthenia gravis and as an antidote to anticholinergic poisoning.