ABC Manufacturing incurred the following costs during May: Item Amount ($) Direct Materials Used 380,000 Direct Labor
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Question:
- ABC Manufacturing incurred the following costs during May:
| Item | Amount ($) |
|---|---|
| Direct Materials Used | 380,000 |
| Direct Labor | 346,000 |
| Manufacturing Overhead (Variable) | 334,000 |
| Manufacturing Overhead (Fixed) | 342,000 |
| Beginning Work in Process Inventory | 332,000 |
| Ending Work in Process Inventory | 334,000 |
| Beginning Finished Goods Inventory | 338,000 |
| Ending Finished Goods Inventory | 340,000 |
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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