E10-7 Cost flow relationships 0 The following information is available for the first month of operations of Lane Inc., a manufacturer of art and craft items Sales Gross profi Indirect labor Indirect materials Other factory overhead Materials purchased Total manufacturing costs for the period Materials inventory, end of period $750,000 240,000 60,000 30,000 10,000 400,000 600,000 50,000 Using the above information, determine the following: a. Cost of goods sold b. Direct materials cost c. Direct labor cost