Reference no: EM132881452
Problem - Cost flow relationships
The following information is available for the first month of operations of Icahn Inc., a manufacturer of art and craft items:
Sales $1,680,000
Gross profit 450,000
Indirect labor 150,000
Indirect materials 65,000
Other factory overhead 30,000
Materials purchased 850,000
Total manufacturing costs for the period 1,850,000
Materials inventory, end of period 63,000
Using the above information, determine the following missing amounts:
a. Cost of goods sold
b. Direct materials cost
c. Direct labor cost
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