If revenue for the year is $1 million, the direct material $450,000, the direct labour is $190,000, overhead is $200,000 what is the total cost of goods sold and the profit in both dollars and percentage.  Also fill out the percent of sales for direct material and labour and overhead. 

Example of the income statement looked like this.

Income Statement (Profit and Loss Statement)
	Dollars		Percent of sales
Revenue (sales)
Cost of Goods Sold
Direct material
Direct Labour
Factory Overhead
Total cost of Goods Sold				%
Gross Profit				%

 

Question 2: Transit Time (Inventory in Transit)

If the transit time is 11 days and the annual demand for an item is 10,000 units, what is the average annual inventory in transit? 

Answer rating: 100% (QA)

Lets calculate the total cost of goods sold profit in dollars and percentage and the percentage of s... View the full answer