Cost Flow Relationships The following information is available for the first month of operations of...
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Accounting
Cost Flow Relationships
The following information is available for the first month of operations of Lane Inc., a manufacturer of mechanical pencils:
| Sales | $486,480 |
| Gross profit | 283,620 |
| Indirect labor | 105,570 |
| Indirect materials | 52,790 |
| Other factory overhead | 16,050 |
| Materials purchased | 149,840 |
| Total manufacturing costs for the period | 279,730 |
| Materials inventory, end of period | 19,950 |
Using the above information, determine the following:
| a. Cost of goods sold: | $ |
| b. Direct materials cost: | $ |
| c. Direct labor cost: | $ |
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