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Determine the direct materials cost

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Reference no: EM132684491

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

Required - Using the above information, determine the following missing amounts:

a. Cost of goods sold

b. Direct materials cost

c. Direct labor cost

Reference no: EM132684491

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