Based on the information above, I'm trying to determine the cost of goods sold. But I have no clue how do so. It seems like I'm missing some information, I have no idea where to start. Any help ypu can provide is really appreciated.
- Here's the information:
- sales $775,000
- gross profit $265,000
- indirect labor $63,000
- indirect materials $32,000
- other factory overhead $17,500
- materials purchased $303,000
- toatal manufacturing cost for the period $620,000
- materials inventory $35,000