General Motors:

• December 2025 Costs:
  • Direct materials: $660,000
  • Direct labor: $460,000
  • Factory overheads: $420,000
  • Selling expenses: $260,000
  • Administrative expenses: $220,000
  • Units produced and sold: 50,000 units
  • Sales revenue: $2,500,000

Requirements:

1. Prepare a cost of goods manufactured statement.
2. Calculate the cost of goods sold.
3. Compute the gross profit.

Determine the net profit.