Intel Corporation:

• December 2024 Costs:
  • Direct materials: $270,000
  • Direct labor: $160,000
  • Factory overheads: $130,000
  • Selling expenses: $90,000
  • Administrative expenses: $75,000
  • Units produced and sold: 20,000 units
  • Sales revenue: $1,000,000

Requirements:

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