Consider the following data for Richmond Manufacturing for the month ending 31 May 2020: Beginning direct materials inventory $ 10 000 Beginning work in process inventory 10 000 Beginning finished goods inventory 50 000 Repairs to office equipment 3 000 Direct materials purchases 110 000 Office utilities expense 1 000 Direct labour 50 000 Manufacturing overhead applied 80 000 Manufacturing overhead (actual) 73 000

Sales revenue 245 000 Selling expenses 19 000 Advertising expenses 2 000 Sales returns 25 000 Ending direct materials inventory 24 000 Ending work in process inventory 66 000 Ending finished goods inventory 34 000 Required: (a) Prepare a cost of goods manufactured schedule. (8 marks) (b) Determine the cost of goods sold for Richmond Manufacturing in May. (4 marks) (c) Determine the gross profit for Richmond Manufacturing in May. (3 marks) (d) Determine the net profit for Richmond Manufacturing in May. (4 marks)