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ABC Manufacturing incurred the following costs during January: Item Amount ($) Direct Materials Used 540,000 Direct Labor 506,000 Manufacturing Overhead (Variable) 494,000 Manufacturing Overhead (Fixed)

  1. ABC Manufacturing incurred the following costs during January:
ItemAmount ($)
Direct Materials Used540,000
Direct Labor506,000
Manufacturing Overhead (Variable)494,000
Manufacturing Overhead (Fixed)502,000
Beginning Work in Process Inventory492,000
Ending Work in Process Inventory494,000
Beginning Finished Goods Inventory498,000
Ending Finished Goods Inventory500,000

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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