1 2 A manufacturing company reports the following for the period: 3 4 Inventories Beginning Ending 5 Raw materials $18,020 $12,000 6 Work in process 9,400 11,200 7 Finished goods 12,460 8,630 8 9 Activities for the period 10 Raw materials purchases $8,100 11 Direct materials used 14,120 12 Direct labor used 9,200 13 Overhead applied 11,040 14 Sales 40,000 15 16 Required: 17 1. Prepare a schedule of cost of goods manufactured. 18 19 (Use cells A4 to C14 from the given information to complete this question.) 20 21 Schedule of Cost of Goods Manufactured 22 23 24 25 Total manufacturing costs 26 27 Total cost of work in process 28 29 Cost of goods manufactured 30 31 2. Compute gross profit. 32 33 (Use cells A4 to C14 from the given information to complete this question.) 34 35 Gross profit 36 37 20