Logan's Enterprises reported the following data for May. 
Required:
a.What is the cost of direct materials were used in production?
b.What are the total manufacturing costs for the month of May?
c.What is the ending balance in the Finished Goods Inventory account?
Definitions:
Production Costs
Expenses incurred in the process of creating a product or service, including materials, labor, and overhead.
Industry Size
The scale or magnitude of economic activity within a specific sector, measured by criteria such as number of firms, total employment, or total revenue.
Industry Supply Curve
A graphical representation showing the total quantity of a good that all producers in an industry are willing to supply at different prices.
Decline in Technology
A decline in technology refers to a period or situation where technological progression slows down, technologies become obsolete, or there is a decrease in the adoption of new technologies.
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