Homework Answers
1. Gross margin for 31 Dec, 2020= Revenue* gross profit margin= 603000*46.8%= $282204
2. COst of Goods Sold= Revenue- Gross profit= 603000-282204= $320796
3. Finished goods as on 31 Dec, 2019
| COST OF GOODS SOLD | |
| Cost of goods manufactured | 295500 |
| Add: Opening Finished goods | 127296 |
| Goods available for sale | 422796 |
| Less: Closing finished goods | -102000 |
| Cost of goods sold | 320796 |
4. Direct labour incurred on 31 dec, 2020= 104300 (given)
5. Raw material inventory on 31 dec, 2020
| Direct material | |
| Opening | 65000 |
| (+) Purchases | 132600 |
| (-) Closing | 64400 |
| Direct material used | 133200 |
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