1)Cost Flow Relationships

The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment:

Sales	$1,363,500
Gross profit	368,100
Indirect labor	122,700
Indirect materials	50,400
Other factory overhead	23,200
Materials purchased	695,400
Total manufacturing costs for the period	1,505,300
Materials inventory, end of period	50,400

Using the above information, determine the following amounts:

a. Cost of goods sold	$
b. Direct materials cost	$
c. Direct labor cost	$

2)

Cost of Materials Issuances Under the FIFO Method

An incomplete subsidiary ledger of materials inventory for May is as follows:

a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.

Cost Flow Relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $1,363,500 Gross profit 368,100 Indirect labor 122,700 Indirect materials 50,400 Other factory overhead 23,200 Materials purchased 695,400 Total manufacturing costs for the period 1,505,300 Materials inventory, end of period 50,400 Using the above information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Receiving Report Number Quantity Unit Price Materials Requisition Number Quantity Amount Date Quantity Unit price Amount Amount May 1 390 $6 $2,340 21 270 $8 May 4 108 440 O May 10 27 180 10 May 21 121 260 May 27 Feedback b. Determine the materials inventory balance at the end of May. Feedback C. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Il