Cost Flow Relationships The following information is available for the first month of operations of Lane...
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Cost Flow Relationships The following information is available for the first month of operations of Lane Inc., a manufacturer of mechanical pencils: Sales Gross profit Indirect labor Indirect materials $214,520 125,070 46,550 23,280 7,080 66,070 123,350 8,800 Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following: a. Cost of goods sold: b. Direct materials cost: c. Direct labor cost: 89,450 33,990 Cost Flow Relationships The following information is available for the first month of operations of Lane Inc., a manufacturer of mechanical pencils: Sales Gross profit Indirect labor Indirect materials $214,520 125,070 46,550 23,280 7,080 66,070 123,350 8,800 Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period Using the above information, determine the following: a. Cost of goods sold: b. Direct materials cost: c. Direct labor cost: 89,450 33,990
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Answera Cost of goods sold Sales Gross profit 214520125070 89450 b Dire... View the full answer
Related Book For
Financial and Managerial Accounting
ISBN: 978-0538480895
11th Edition
Authors: Jonathan E. Duchac, James M. Reeve, Carl S. Warren
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