The following information is available for the first month ofoperations of Url I
ID: 2433604 • Letter: T
Question
The following information is available for the first month ofoperations of Url Inc, a manufacturer of art and craft items: sales $1,200,000 grossprofits 320,000 Indirectlabor 110,000 Indirectmaterial 45,000 other factory overhead 20,000 Materialspurchased 610,000 Total manufacturing costs for the period1,325,000 Materials inventory, end ofperiod 45,000 Using the above information, determine the following missingamounts a. cost of goods ans: sales 1,200,000 gross 320,000 cogs 880,000 b. direct material cost? c. direct labor cost? I am stuck on b & c I can not figure the equation toanswer the problem The following information is available for the first month ofoperations of Url Inc, a manufacturer of art and craft items: sales $1,200,000 grossprofits 320,000 Indirectlabor 110,000 Indirectmaterial 45,000 other factory overhead 20,000 Materialspurchased 610,000 Total manufacturing costs for the period1,325,000 Materials inventory, end ofperiod 45,000 Using the above information, determine the following missingamounts a. cost of goods ans: sales 1,200,000 gross 320,000 cogs 880,000 b. direct material cost? c. direct labor cost? I am stuck on b & c I can not figure the equation toanswer the problemExplanation / Answer
b. Direct material cost? ================ Materialspurchased $610,000 Less: Materials inventory end ofperiod $45,000 __________ Directmaterialcost $565,00 ========== c. Direct labor cost? ============ COGS $880,000 Less: Direct materialcost $565,000 __________ Directlaborcost $315,000 ========= ============ COGS $880,000 Less: Direct materialcost $565,000 __________ Directlaborcost $315,000 =========Related Questions
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