Chapter 1 - Introduction to Cost Ac EXERCISES E1-1 Performance report Study the performance report for Barbara's Bistro in Figure 1-2 of the chapter and write a brief explanation of the strengths and weaknesses of September and year-to-date operations. E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc.: L04 LO5 Inventories Ending Beginning $75,000 $110,000 80,000 70,000 95,000 90,000 Finished goods Work in process Direct materials.. Revenues and Costs for the Period: Sales Cost of goods available for sale Total manufacturing costs..... Factory overhead Direct materials used $900,000 775,000 675,000 175,000 205,000 Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods sold. d. Gross profit. (Hint: The answers to subsequent parts may require using solu- tions from earlier parts.) costs: journal entries Chapter 1 - Introduction to Cost Ac EXERCISES E1-1 Performance report Study the performance report for Barbara's Bistro in Figure 1-2 of the chapter and write a brief explanation of the strengths and weaknesses of September and year-to-date operations. E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc.: L04 LO5 Inventories Ending Beginning $75,000 $110,000 80,000 70,000 95,000 90,000 Finished goods Work in process Direct materials.. Revenues and Costs for the Period: Sales Cost of goods available for sale Total manufacturing costs..... Factory overhead Direct materials used $900,000 775,000 675,000 175,000 205,000 Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost of goods sold. d. Gross profit. (Hint: The answers to subsequent parts may require using solu- tions from earlier parts.) costs: journal entries