ABC Corporation manufactures a single product. The following information is available for the year:
Direct materials cost: $80,000
Direct labor cost: $60,000
Variable manufacturing overhead: $20,000
Fixed manufacturing overhead: $30,000
Beginning finished goods inventory: $15,000
Ending finished goods inventory: $20,000
Beginning work in process inventory: $10,000
Ending work in process inventory: $12,000
Requirements:
a) Calculate the total manufacturing cost.
b) Calculate the cost of goods manufactured.
c) Calculate the cost of goods sold.
d) Calculate the gross profit.
e) Prepare a schedule of cost of goods manufactured.
f) Prepare a schedule of cost of goods sold.