KLM Corporation produces a single product. The following data pertains to the month of May:
Direct materials cost: $245,000
Direct labor cost: $220,000
Variable manufacturing overhead: $190,000
Fixed manufacturing overhead: $200,000
Beginning finished goods inventory: $195,000
Ending finished goods inventory: $205,000
Beginning work in process inventory: $185,000
Ending work in process inventory: $190,000
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.