Answer :
(a) Cost of goods sold = Sales - Gross profit
= $ 12375000 - $ 5200000
= $ 7175000
(B) Direct Material cost = Material purchased - Indirect material - closing inventory
= $ 4125000 - $ 180000 - $ 290000
= $ 3655000
(c) Direct Labor cost = Total manufacturing cost - Direct material - Factory overhead
= $ 7880000 - $ 3655000 - $ 1400000
= $ 2825000
Working note -1
Computation of factory overhead
Indirect labor | $ 410000 |
Indirect material | $ 180000 |
Other factory overhead | $ 810000 |
factory overhead | $ 1400000 |
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Cost Flow Relationships The following information is available for the first month of operations of Lane Inc., a manufacturer of mechanical pencils: Sales $261,740 Gross profit 152,590 Indirect labor 56,800 Indirect materials 28,400 Other factory overhead 8,640 Materials purchased 80,620 Total manufacturing costs for the period 150,500 Materials inventory, end of period 10,730 Using the above information, determine the following: a. Cost of goods sold: b. Direct materials cost: c. Direct labor cost:
Cost Flow Relationships The following information is available for the first month of operations of Lane Inc., a manufacturer of mechanical pencils: Sales $486,480 Gross profit 283,620 Indirect labor 105,570 Indirect materials 52,790 Other factory overhead 16,050 Materials purchased 149,840 Total manufacturing costs for the period 279,730 Materials inventory, end of period 19,950 Using the above information, determine the following: a. Cost of goods sold: $ b. Direct materials cost: $ c. Direct labor cost: $
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