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The following information is available for the first month of operations of Korv Inc., a manufacturer of art and craft items:Sales $775,000Gross profit $ 265,000Indirect labor 63,000Indirect materials 32,000Other factory overhead 17,500Materials purchased 303,000Total Manufacturing costs for the period 620,000Materials inventory, end of period 35,000
Using the above information, determine the following missing amounts:A. cost of goods soldB. Direct materials costC. Direct labor costD. Factory Overhead
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In addition, Austin estimates that the new machine will increase the company's annual net cash inflows by $35,000. The machine will have a 12-year useful life and no salvage value.
can anyone help me with these homework questions? i have put the answers to the multiple choice questions below so
1. Inventory in the amount of $10,000 was received on December 31 after the count. The invoice was received and recorded on December 30.
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