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ABC Manufacturing incurred the following costs during July: Item Amount ($) Direct Materials Used 240,000 Direct Labor 206,000 Manufacturing Overhead (Variable) 194,000 Manufacturing Overhead (Fixed)

  1. ABC Manufacturing incurred the following costs during July:
ItemAmount ($)
Direct Materials Used240,000
Direct Labor206,000
Manufacturing Overhead (Variable)194,000
Manufacturing Overhead (Fixed)202,000
Beginning Work in Process Inventory192,000
Ending Work in Process Inventory194,000
Beginning Finished Goods Inventory198,000
Ending Finished Goods Inventory200,000

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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