(Answered) Problemtaylors construction co lost some of its financial

Accounting

Problem

Taylor's Construction Co. lost some of its financial records. However, the following information is available:

Cost of goods sold	$ 60,000
Work in process, Jan 1	$ 17,500
Work in process, Dec 31	$ 13,500
Selling & admin expenses	$ 15,000
Net income	$ 25,000
Factory overhead	$ 15,000
Direct materials inventory, Jan 1	$ 17,000
Direct materials inventory, Dec 31	$ 13,000
Cost goods manufactured	$ 89,000
Finished goods inventory, Jan 1	$ 22,000

Direct labor cost incurred during the period was 2.5 times factory overhead.
Assume there are no income taxes. Yay!

Required:

Calculate the following:

1. Direct labor used
2. Direct materials used
3. Total manufacturing costs
4. Direct materials purchased
5. Finished goods inventory, Dec 31
6. Net Sales
7. Gross Profit or Gross Margin.

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