Answer:
a | Cost of goods sold |
$7,018,500 | |
b | Direct materials cost |
$3,575,200 | |
c | Direct labor cost |
$2,763,500 |
Calculations:
a | ||
Sales | $12,105,000 | |
(Less): Gross profit | ($5,086,500) | |
Cost of goods sold | $7,018,500 | |
b | ||
Materials purchased | $4,035,000 | |
Materials inventory, end of period | ($283,700) | |
Total materials used | $3,751,300 | |
Indirect materials | ($176,100) | |
Direct materials cost | $3,575,200 | |
c | ||
Total manufacturing costs for the period | $7,708,100 | |
Direct materials | ($3,575,200) | |
Overhead: | ||
Indirect materials | ($176,100) | |
Indirect labor | ($401,000) | |
Other factory overhead | ($792,300) | |
Direct labor cost | $2,763,500 |
The following information is available for the first year of operations of Creston Inc, a manufacturer...
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