The following information is available for the first month of operations of Korv Inc., a manufacturer of art and craft items:
Sales 775,000
Grossprofit 265,000
Indirectlabor 63,000
Indirectmaterials 32,000
Other factoryoverhead 17,500
Materialspurchased 303,000
Total manufacturing costs for theperiod 620,000
Materials inventory, end ofperiod 35,000
Using the above information, determine the following missing amounts:
- Cost of goods sold
- Direct materials cost
- Direct labor cost