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ACME Corporation incurred the following costs and expenses during the current year: Raw material purchases: $5,000,000 Direct labor: $2,000,000 Indirect labor - factory: $900,000 Factory

ACME Corporation incurred the following costs and expenses during the current year:

Raw material purchases: $5,000,000

Direct labor: $2,000,000

Indirect labor - factory: $900,000

Factory repairs and maintenance: $300,000

Taxes on factory building: $120,000

Depreciation - factory building: $350,000

Depreciation - sales equipment: $60,000

Sales salaries: $600,000

Office salaries: $800,000

Advertising: $450,000

Utilities - 70% applicable to factory: $600,000

Inventory data:


Beginning

Ending

Raw Materials

$400,000

$500,000

Work in process

$500,000

$400,000

Finished goods

$600,000

$800,000

Requirements:

Calculate the total manufacturing costs.

Determine the cost of raw materials used.

Compute the total manufacturing overhead.

Calculate the cost of goods manufactured.

Determine the cost of goods sold.

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