Question: Please provide step by step explanation: E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc.: Inventories Ending

Please provide step by step explanation:

E1-9 Determining materials, labor, and cost of goods sold The following inventory data relate to Edwards, Inc.: Inventories Ending Beginning Finished goods ........ $75,000 $1 10,000 Work in process ..........!' 80,000 70,000 Direct materials......... ....... 95,000 90,000 Revenues and Costs for the Period: Sales ..... ............. $900,000 Cost of goods available for sale ... 775,000 Total manufacturing costs ................ 675,000 Factory overhead .. 175,000 Direct materials used .. 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.)

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