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JKL Corporation incurred the following costs during the month of November: Item Amount ($) Direct Materials Used 75,000 Direct Labor 46,000 Manufacturing Overhead (Variable) 34,000
- JKL Corporation incurred the following costs during the month of November:
Item | Amount ($) |
---|---|
Direct Materials Used | 75,000 |
Direct Labor | 46,000 |
Manufacturing Overhead (Variable) | 34,000 |
Manufacturing Overhead (Fixed) | 42,000 |
Beginning Work in Process Inventory | 32,000 |
Ending Work in Process Inventory | 34,000 |
Beginning Finished Goods Inventory | 37,000 |
Ending Finished Goods Inventory | 40,000 |
Requirements: a) Calculate Total Manufacturing Cost. b) Calculate Cost of Goods Manufactured. c) Calculate Cost of Goods Sold. d) Calculate Gross Profit. e) Prepare a Schedule of Cost of Goods Manufactured. f) Prepare a Schedule of Cost of Goods Sold. g) Prepare a Schedule of Gross Profit.
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