Question
Cost Flow Relationships The following information is available for the first year of operations of Engle...
Cost Flow Relationships The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating e Sales $1,115,000 Gross profit 301,100 Indirect labor 100,400 Indirect materials 41,300 Other factory overhead 19,000 Materials purchased 568,700 Total manufacturing costs for the period 1,231,000 Materials inventory, end of period 41,300 Using the above information, determine the following missing amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost
Entries for Materials Cenk Furnishings Company manufactures designer furnture, Conx Furnishings we Fabre $31.700 job onder conteyston Balances on sune from the materials ledger are as follower 71.000 3.000 The material purchased during June and from Fabric Polyester Billing Lumber $161.400 224,300 442.200 15.300 Polyester Fabric Lumber hue Total Job 601 19 37.200 201.200 55.500 Jobs factory overhead indirect 500 475,200 $7.00 4.00 The fact .. to the Palvester
Answers
Answer :-
a. Cost of goods sold = $1,115,000 - $301,100 = $813,900
b.Direct Materials Cost =$568,700-$41,300-$41,300 =$486,100
c. Direct Labor Cost = $1,231,000 - $486,100 - $19,000 - $100,400 = $625,500
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