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ABC Manufacturing incurred the following costs during January: Item Amount ($) Direct Materials Used 300,000 Direct Labor 266,000 Manufacturing Overhead (Variable) 254,000 Manufacturing Overhead (Fixed)

  1. ABC Manufacturing incurred the following costs during January:
ItemAmount ($)
Direct Materials Used300,000
Direct Labor266,000
Manufacturing Overhead (Variable)254,000
Manufacturing Overhead (Fixed)262,000
Beginning Work in Process Inventory252,000
Ending Work in Process Inventory254,000
Beginning Finished Goods Inventory258,000
Ending Finished Goods Inventory260,000

Requirements: a) Calculate Total Manufacturing Cost. b) Calculate Cost of Goods Manufactured. c) Calculate Cost of Goods Sold. d) Calculate Gross Profit. e) Prepare a Schedule of Cost of Goods Manufactured. f) Prepare a Schedule of Cost of Goods Sold. g) Prepare a Schedule of Gross Profit.

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