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ABC Manufacturing incurred the following costs during May: Item Amount ($) Direct Materials Used 740,000 Direct Labor 706,000 Manufacturing Overhead (Variable) 694,000 Manufacturing Overhead (Fixed)

  1. ABC Manufacturing incurred the following costs during May:
ItemAmount ($)
Direct Materials Used740,000
Direct Labor706,000
Manufacturing Overhead (Variable)694,000
Manufacturing Overhead (Fixed)702,000
Beginning Work in Process Inventory692,000
Ending Work in Process Inventory694,000
Beginning Finished Goods Inventory698,000
Ending Finished Goods Inventory700,000

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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