How do you calculate direct materials inventory, total cost?

Question

I have a list of direct materials used, direct and indirect manufacturing labor costs, administrative costs, and marketing, distribution, and customer-service costs.

Answer 1

In manufacturing, the cost of inventory is accumulated through a compilation of cost of Direct Material + Direct Labout & Indirect manufacturing cost. Indirect Mfg Cost also called Mfg Overhead consist of all indirect manufcaturing incl. but not limited to indirect material, indirect labour, mfg admin cost, rental. This doesn't include sales, general & admin cost, only those related to the production.