Solution-Determine the cost of goods sold

Determine the cost of goods sold

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Reference no: EM132729818

Question - Cost Flow Relationships - The following information is available for the first month of operations of Lane Inc., a manufacturer of mechanical pencils:

Sales 271,990

Gross profit 158,570

Indirect labor 59,020

Indirect materials 29,510

Other factory overhead 8,980

Materials purchased 83,770

Total manufacturing costs for the period 156,390

Materials inventory, end of period 11,150

Required - Using the above information, determine the following:

a. Cost of goods sold

b. Direct materials cost

c. Direct labor cost

Reference no: EM132729818

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Determine the cost of goods sold

Reference no: EM132729818

Reference no: EM132729818

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