The following information is available for the first month of operations of Kellman Inc., a manufacturer of
Question:
The following information is available for the first month of operations of Kellman Inc., a manufacturer of art and craft items:
Sales...................................................... $3,600,000
Gross profit ................................................ 650,000
Indirect labor ................................................ 216,000
Indirect materials............................................. 120,000
Other factory overhead.................................... 45,000
Materials purchased ....................................... 1,224,000
Total manufacturing costs for the period............ 2,640,000
Materials inventory, end of period........................ 98,800
Using this information, determine the following missing amounts:
a. Cost of goods sold
b. Direct materials cost
c. Direct labor cost
Step by Step Answer:
a Cost of goods sold Sales 3600000 Less gross profit ...View the full answer
Financial and Managerial Accounting
ISBN: 978-1285866307
13th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
