Cost Flow Relationships The following information is available for the first month of operations of So Crafty Inc., a manufacturer of arts and craft items: Sales Gross profit Indirect labor Indirect materials Other factory overhead $348,720 203,300 75,670 37,840 11,510 107,410 200,510 14,300 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:
Cost Flow Relationships The following information is available for the first month of operations of So Crafty Inc., a manufacturer of arts and craft items: Sales Gross profit Indirect labor Indirect materials Other factory overhead $348,720 203,300 75,670 37,840 11,510 107,410 200,510 14,300 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:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Cost Flow Relationships
The following information is available for the first month of operations of So Crafty Inc., a manufacturer of arts and craft items:
Sales
$348,720
203,300
Gross profit
Indirect labor
75,670
Indirect materials
37,840
Other factory overhead
11,510
107,410
200,510
14,300
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:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F393f50af-cc90-4d35-ab26-4795788cf06f%2F65847c72-0083-460f-ae9f-d16613707bef%2F3whoy9t_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Cost Flow Relationships
The following information is available for the first month of operations of So Crafty Inc., a manufacturer of arts and craft items:
Sales
$348,720
203,300
Gross profit
Indirect labor
75,670
Indirect materials
37,840
Other factory overhead
11,510
107,410
200,510
14,300
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:
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