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
D. Factory Overhead
Chart
Enter the labels and amounts required to complete the following three schedules
|
Cost of Goods Sold |
|
|
Column A |
Column B |
|
Sales |
$775,000 |
|
Less: Gross profit |
265,000 |
|
Cost of Goods Sold |
$510,000 |
|
Direct Materials Cost |
|
|
|
Materials purchased |
$303,000 |
|
|
Less: Indirect materials |
$ 32,000 |
|
|
Materials inventory |
35,000 |
67,000 |
|
Direct materials cost |
$236,000 |
|
|
Direct Labor Cost |
|
|
Total manufacturing costs |
620,000 |
|
Less: Direct materials cost |
$236,000 |
|
Factory overhead |
|
|
Direct labor cost |
$271,500 |