Determine the cost of goods sold

Assignment Help Financial Accounting
Reference no: EM13510649

The following information is available for the first month of operations of Url Inc., a manufacturer of art and craft items:
Sales............................................................ $1,200,000
Gross profit.................................................... 320,000
Indirect labor.................................................. 110,000
Indirect materials............................................. 45,000
Other factory overhead...................................... 20,000
Materials purchased.......................................... 610,000
Total manufacturing costs for the period.................. 1,325,000
Materials inventory, end of period.................................. 45,000
Using the above information, determine the following:
a. Cost of goods sold
b. Direct materials cost
c. Direct labor cost

Reference no: EM13510649

Questions Cloud

Journalize the transactions in a general journal : Bill Diamond owns a business called Diamond Distributors. The following transactions took place during January of the current year. Journalize the transactions in a general journal using the periodic inventory method.
What the company or entrepreneur : Give a brief report of what the company or entrepreneur did, then focus on how they did it. Comment on any innovation concepts you have read from the text that the company used in developing their innovation.
Journalize the transaction on the books of both companies : The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems. Journalize the transaction on the books of both companies.
Find how much rotational kinetic energy did it then have : A size-5 soccer ball of diameter 22.6cm and mass 426g rolls up a hill without slipping, reaching a maximum height of 5.00 m above the base of the hill. How much rotational kinetic energy did it then have
Determine the cost of goods sold : The following information is available for the first month of operations of Url Inc., a manufacturer of art and craft items.
Should breakfasttimes management decide to process crummies : Should Breakfasttimes management decide to process Crummies into the mulch and suppose the company does process Crummies into the mulch. Use the net-realizable-value method to allocate the joint production cost between the mulch and the Yummies.
What is the radius of the protons orbit : An electron with mass 9.11×10-31 kg moves with a speed of 2.00×106 m/s in a circle of 2.83 cm radius under the influence of a magnetic field. What is the radius of the proton's orbit
Prepare a multiple-step income statement for jain corp : Prepare a multiple-step income statement for Jain Corp. The company has a tax rate of 30%.
Obtain the speed of ball just before it strikes the ground : A baseball is thrown from the roof of 21.1 m-tall building with an initial velocity of magnitude 11.6 m/s and directed at an angle of 53.9 above the horizontal. Use = 9.80 m/s^2. What is the speed of the ball just before it strikes the ground

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd