The following information is available for the first month of operations for Blue Bird, Inc.: Line Item Description Amount Sales $800,000 Gross profit 350,000 Indirect labor 35,000 Indirect materials 15,000 Other factory overhead 10,000 Materials purchased 350,000 Total manufacturing costs 680,000 Materials inventory, end of period 25,000 Based on the information provided for Blue Bird, Inc., calculate the cost of goods sold.
The following information is available for the first month of operations for Blue Bird, Inc.: Line Item Description Amount Sales $800,000 Gross profit 350,000 Indirect labor 35,000 Indirect materials 15,000 Other factory overhead 10,000 Materials purchased 350,000 Total manufacturing costs 680,000 Materials inventory, end of period 25,000 Based on the information provided for Blue Bird, Inc., calculate the cost of goods sold.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following information is available for the first month of operations for Blue Bird, Inc.:
| Line Item Description | Amount |
|---|---|
| Sales | $800,000 |
| Gross profit | 350,000 |
| Indirect labor | 35,000 |
| Indirect materials | 15,000 |
| Other factory |
10,000 |
| Materials purchased | 350,000 |
| Total manufacturing costs | 680,000 |
| Materials inventory, end of period | 25,000 |
Based on the information provided for Blue Bird, Inc., calculate the cost of goods sold.
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