OPQ Manufacturing Company produces a single product. The following data is for the month of November:
Direct materials used: $755,000
Direct labor cost: $730,000
Variable manufacturing overhead: $700,000
Fixed manufacturing overhead: $710,000
Beginning finished goods inventory: $705,000
Ending finished goods inventory: $715,000
Beginning work in process inventory: $695,000
Ending work in process inventory: $700,000
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.