COGS, Direct Material Costs, and Direct Labor Costs
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Using this information, determine the following missing amounts: (Please show calculations)
a. Cost of goods sold
b. Direct materials costs
c. Direct labor costs
Sales $775,000
Gross Profit 265,000
Indirect labor 63,000
Indirect materials 32,000
Other factory overhead 17,500
Materials purchased 303,000
Total manufacturing costs for the period 620,000
Materials inventory, end of period 35,000
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Solution Summary
This solution shows step-by-step calculations to determine cost of goods sold, ending materials inventory, and total manufacturing cost for the period.
Solution Preview
a. Cost of goods sold is defined as follows:
COGS = Sales - Profit
COGS = $775,000 - 265,000
= $510,000
b. Ending materials inventory = Opening ...
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