Business, 12.03.2021 15:30 eddyy5900

The Solar Clothing Company (SCC) experienced growth in the spring of 2018 as consumer interest in solar clothing soared. To accommodate increasing demand, SCC wants to develop plans for expansion. First, however, SCC needs to determine the cost of goods sold for an average sales period to calculate gross profit margin. Use the SCC cost information below to calculate the cost of goods sold for July 2018. SCC Cost Information for July 2018

Direct Materials Inventory July 1, 2018 $1,250,000
Direct Labor $775,000
Work in Process Inventory July 31, 2018 $500,000
Finished Goods Inventory July 1, 2018 $950,000
Direct Materials Purchased $2,750,000
Factory Overhead $650,000
Direct Materials Inventory July 31, 2018 $700,000
Work in Process Inventory July 1, 2018 $525,000
Finished Goods Inventory July 31, 2018 $850,000

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