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