The dominant cost in the cost of goods sold is direct labor $800,000.This is because of the nature of the business of the company , which is preparation of building plans as per the client's contract. This involves high man-hour consumption, hence the direct labor is the dominant cost.
Business is the activity of making a living or making money by manufacturing or buying and selling products (such as goods or services). It is also "any activity or business carried on for profit."
The existence of a company name does not separate the entity from its owner. This means that the company's owners are responsible and liable for the company's debts.
If the company acquires debt, the creditor can trace the owner's personal belongings. The corporate structure does not allow corporate tax rates. Owners are personally taxed on all income from the company.
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