Cost Flow RelationshipsThe following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment:Sales$1,054,900Gross profit284,800Indirect labor94,900Indirect materials39,000Other factory overhead17,900Materials purchased538,000Total manufacturing costs for the period1,164,60039,000Materials inventory, end of periodUsing the above information, determine the following amounts:a. Cost of goods soldb. Direct materials costc. Direct labor cost

Question
Asked Feb 12, 2020
6 views
Cost Flow Relationships
The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment:
Sales
$1,054,900
Gross profit
284,800
Indirect labor
94,900
Indirect materials
39,000
Other factory overhead
17,900
Materials purchased
538,000
Total manufacturing costs for the period
1,164,600
39,000
Materials inventory, end of period
Using the above information, determine the following amounts:
a. Cost of goods sold
b. Direct materials cost
c. Direct labor cost
help_outline

Image Transcriptionclose

Cost Flow Relationships The following information is available for the first year of operations of Creston Inc., a manufacturer of fabricating equipment: Sales $1,054,900 Gross profit 284,800 Indirect labor 94,900 Indirect materials 39,000 Other factory overhead 17,900 Materials purchased 538,000 Total manufacturing costs for the period 1,164,600 39,000 Materials inventory, end of period Using the above information, determine the following amounts: a. Cost of goods sold b. Direct materials cost c. Direct labor cost

fullscreen
check_circle

Expert Answer

Step 1

Accounting homework question answer, step 1, image 1

a.

Accounting homework question answer, step 1, image 2

Step 2

Accounting homework question answer, step 2, image 1

Accounting homework question answer, step 2, image 2

Step 3

Accounting homework question answer, step 3, image 1

...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in

Business

Accounting

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A
add
question_answer

Q: An experience rating, or merit rating a.  directly adjusts the benefit amount the unemployed indivi...

A: The correct answer is option (c).

question_answer

Q: What is the difference between variable and absorption costing. How does these variable costing help...

A: Absorption costing is a costing mechanism where all the costs related to the production are assigned...

question_answer

Q: McCourt Company produces two types of leather purses: standard and handcrafted. Both purses use equi...

A: 1.

question_answer

Q: E2-9 (Algo) Calculating Cost of Jobs [LO 2-4, 2-6] Manufacturing costs for Davenport Company during...

A: The first three sub-parts are of the question are answered as per authoring guidelines. Please re-po...

question_answer

Q: The following items and amounts were taken from Blossom Company's 2017 income statement and balance ...

A: Income statement: The financial statement which reports revenues and expenses from business operatio...

question_answer

Q: Assume that Willcox Inc. has the following accounts at the end of the current year. 1.   Common...

A: Balance Sheet:   A balance sheet is a financial statement that is prepared by an organization to sho...

question_answer

Q: PARRISH 5-8 STATEMENT OF RETAINED EARNINGS MISSING AMOUNT Please tell me what the missing amounts ar...

A: 1) The missing amount is calculated as follows:   Resulting values are as follows:     Note: As pe...

question_answer

Q: PARRISH 5-4 FINANCIAL STATEMENTS Please indicate what statement or statements the following accounts...

A: Financial statements: Financial statements are condensed summary of transactions communicated in the...

question_answer

Q: Cushing, Inc., costs products using a normal costing system. The following data are available for la...

A: “Hey, since there are multiple questions posted, we will answer first question. If you want any spec...