ACC E2-6 Accounting for flow of costs in manufacturing environment A manufacturing company had the following costs and activities during a period: Opening balance of their Direct Materials account: $72,000 Direct materials purchases: $360,000 Closing balance direct materials: Direct materials requisitioned to production: $384,000 (This is the amount of Direct Materials from DM Ac into WIP Account) Direct factory labour costs: $216,000 Overheads applied: $ 52,000 Total costs in WIP account to be accounted for: $760,000 Closing balance WIP account: $116,000 Opening balance Finished Goods account: $132,000 Cost of goods manufactured: Closing balance FG account: $119,000 Cost of goods sold: Gross profit: $371,000 Sales: $1,028,000 a. Complete the T-Accounts (Raw Materials, WIP, FG, COGS, Income Summary to show all the above information (self-study only); AND b. Complete a Cost of Goods Manufactured Schedule and a Cost of Goods Sold Schedule which includes all the above information; AND c. Calculate and show all missing amounts and totals, including the total sales d. Calculate the percentage Gross Profit