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GHI Manufacturing Company produces a single product. The following data pertains to the month of January: Direct materials cost: $1,125,000 Direct labor cost: $1,100,000 Variable

  1. GHI Manufacturing Company produces a single product. The following data pertains to the month of January:
  • Direct materials cost: $1,125,000
  • Direct labor cost: $1,100,000
  • Variable manufacturing overhead: $1,070,000
  • Fixed manufacturing overhead: $1,080,000
  • Beginning finished goods inventory: $1,075,000
  • Ending finished goods inventory: $1,085,000
  • Beginning work in process inventory: $1,065,000
  • Ending work in process inventory: $1,070,000

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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