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Cost Flow Relationships The following information is available for the first month of operations of Makin' It Inc., a manufacturer of arts and craft items: Sales $505,600 Gross profit 294,760 109,720 54,860 16,680 155,720 290,720 20,730 Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following: a. Cost of goods sold: b. Direct materials cost: c. Direct labor cost: 210,840 80,130 25,270 X

Cost Flow Relationships The following information is available for the first month of operations of Makin' It Inc., a manufacturer of arts and craft items: Sales $505,600 Gross profit 294,760 109,720 54,860 16,680 155,720 290,720 20,730 Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following: a. Cost of goods sold: b. Direct materials cost: c. Direct labor cost: 210,840 80,130 25,270 X

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Subject - Accounting

Cost Flow Relationships The following information is available for the first month of operations of Makin' It Inc., a manufacturer of arts and craft items: Sales . $505,600 294,760 109,720 Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following: a. Cost of goods sold: b. Direct materials cost: c. Direct labor cost: 54,860 16,680 155,720 290,720 20,730 210,840 80,130 25,270 X
Transcribed Image Text:Cost Flow Relationships The following information is available for the first month of operations of Makin' It Inc., a manufacturer of arts and craft items: Sales . $505,600 294,760 109,720 Gross profit Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following: a. Cost of goods sold: b. Direct materials cost: c. Direct labor cost: 54,860 16,680 155,720 290,720 20,730 210,840 80,130 25,270 X
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