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 |