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ABC Manufacturing incurred the following costs during July: Item Amount ($) Direct Materials Used 240,000 Direct Labor 206,000 Manufacturing Overhead (Variable) 194,000 Manufacturing Overhead (Fixed)
- ABC Manufacturing incurred the following costs during July:
Item | Amount ($) |
---|---|
Direct Materials Used | 240,000 |
Direct Labor | 206,000 |
Manufacturing Overhead (Variable) | 194,000 |
Manufacturing Overhead (Fixed) | 202,000 |
Beginning Work in Process Inventory | 192,000 |
Ending Work in Process Inventory | 194,000 |
Beginning Finished Goods Inventory | 198,000 |
Ending Finished Goods Inventory | 200,000 |
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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