Compute the direct material costs for the year.B.Compute the indirect labor costs for the year.C.Compute the total factory overhead costs for the year.D.Compute the cost of goods manufactured for the year.E.Compute the cost of goods sold for the year.F.Compute the gross profit for the year.

Answer:

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Here are some explanations on ways to calculate the required amounts.

Part A

Direct Material Cost

This is a component used in manufacturing a product and is found in the manufacturing account.

To calculate the Direct Material costs, we deduct the Ending Material Inventory amount from the Total of Beginning Material Inventory and Material Purchases made during the period

Part B

Indirect Labor Cost

This is also a component found in the manufacturing Account.

Indirect labor costs are calculated by deducting the direct labor costs from the total labor costs incurred during the manufacturing period.

Part C

Total Overheads Costs

This is also a component found in the manufacturing Account.

Overheads are manufacturing expenses that can not be directly traced to the product being produced. Examples are electricity, water and factory rent. So add up these expenses to arrive at the amount overheads.

Part D

Costs of Goods Manufactured

This is an amount reported in the manufacturing account.

To calculate the cost of goods manufactured we add the Opening Work In Process Inventory to the Total Manufacturing Costs incurred during the period then deduct the Ending Work In Process Balance.

Part E

Cost of Goods Sold

This is an amount reported in the Trading account for profit determination.

To calculate the Cost of Goods Sold, we add the Beginning Finished Inventory Balance to the amount of Cost of Goods Manufactured then deduct the Ending Balance in Finished Inventory.

Part F

Gross Profit

This is an amount reported in the Trading account for profit determination.

To calculate the Gross Profit , we deduct the Cost of Goods Sold from the Total Sales made during the Trading period.

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