The following information is available for the first month of operations of Korv Inc., a manufacturer of art and craft items:
|
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 |
Using the above information, determine the following missing amounts:
a. Cost of goods sold
b. Direct materials cost
c. Direct labor cost