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The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment: Sales $7,270,000 Gross profit 1,450,000 Indirect
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The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment:
Sales $7,270,000 Gross profit 1,450,000 Indirect labor 330,000 Indirect materials 195,000 Other factory overhead 90,000 Materials purchased 5,100,000 Total manufacturing costs for the period 6,170,000 Materials inventory, end of period 480,000 Determine the following amounts:
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Cost of goods sold
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Direct materials cost
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Direct labor cost
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Cost of Goods Sold: | |||
Sales | |||
Less gross profit | |||
cost of goods sold | |||
Direct Materials Cost: | |||
Materials purchased | |||
Less: Indirect materials | |||
Materials inventory | |||
Direct materials cost | |||
Direct Labor Cost: | |||
Total manufacturing costs for the period | |||
Less: Direct materials cost | |||
Factory overhead | |||
Direct labor cost |
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