Question: The following inventory data relate to Buffalo Corp.: Calculate the following for the year: a. Direct materials purchased. b. Direct labor costs incurred. c. Cost

The following inventory data relate to Buffalo Corp.:

Calculate the following for the year:
a. Direct materials purchased.
b. Direct labor costs incurred.
c. Cost of goods sold.
d. Gross profit.

Inventories Ending Beginning Finished goods.... $75,000 110,000 Work in process.... * . 80,000 Direct materials 70,000 90,000 Revenues and Costs for the Period: $900,000 775,000 675,000 175,000 205,000 ales....O.. Cost of goods available for sale Factory overhead Direct materials used.

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