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GHI Manufacturing Company produces a single product. The following data pertains to the month of January: Direct materials cost: $525,000 Direct labor cost: $500,000 Variable

  1. GHI Manufacturing Company produces a single product. The following data pertains to the month of January:
    Direct materials cost: $525,000
    Direct labor cost: $500,000
    Variable manufacturing overhead: $470,000
    Fixed manufacturing overhead: $480,000
    Beginning finished goods inventory: $475,000
    Ending finished goods inventory: $485,000
    Beginning work in process inventory: $465,000
    Ending work in process inventory: $470,000
    Requirements:
    a) Calculate the total manufacturing cost.
    b) Calculate the cost of goods manufactured.
    c) Calculate the cost of goods sold.
    d) Calculate the gross profit.
    e) Prepare a schedule of cost of goods manufactured.
    f) Prepare a schedule of cost of goods sold.

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