The following information is available for the first year of operations of Engle Inc., a manufacturer of fabricating equipment: Sales $7,270,000 Gross profit 1,450,000 Indirect labor 330,000 Indirect materials 195,000 Other factory overhead 90,000 Materials purchased 5,100,000 Total manufacturing costs for the period 6,170,000 Materials inventory, end of period 480,000 Using this information, determine the following missing amounts: a. Cost of goods sold $fill in the blank 1 b. Direct materials cost $fill in the blank 2 c. Direct labor cost

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

decentralization can the employees to get more involved in the business decision making

answer///a coalition;