The following information is available for the first month of operations of Korv Inc., a manufacturer of art and craft items:
| Sales Don't use plagiarized sources. Get Your Custom Essay on the following information is available for the first month of operations of icahn in 459583 For $10/Page 0nly | $775,000 |
| Gross profit | $ 265,000 |
| Indirect labor | 63,000 |
| Indirect materials | 32,000 |
| Other factory overhead | 17,500 |
| Materials purchased | 303,000 |
| Total Manufacturing costs for the period | 620,000 |
| Materials inventory, end of period | 35,000 |
Using the above information, determine the following missing amounts:
A. cost of goods sold
B. Direct materials cost
C. Direct labor cost
D. Factory Overhead
Chart
Enter the labels and amounts required to complete the following three schedules
| Cost of Goods Sold |
|
| Column A | Column B |
| Sales | $775,000 |
| Less: Gross profit | 265,000 |
| Cost of Goods Sold | $510,000 |
| Direct Materials Cost |
| |
| Materials purchased | $303,000 | |
| Less: Indirect materials | $ 32,000 | |
| Materials inventory | 35,000 | 67,000 |
| Direct materials cost | $236,000 |
|
| Direct Labor Cost |
|
| Total manufacturing costs | 620,000 |
| Less: Direct materials cost | $236,000 |
| Factory overhead |
|
| Direct labor cost | $271,500 |
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