Question
PQR Corporation gathered the following data for the month of April: Item Amount ($) Direct Materials Used 62,000 Direct Labor 36,000 Manufacturing Overhead (Variable) 24,000
- PQR Corporation gathered the following data for the month of April:
| Item | Amount ($) |
|---|---|
| Direct Materials Used | 62,000 |
| Direct Labor | 36,000 |
| Manufacturing Overhead (Variable) | 24,000 |
| Manufacturing Overhead (Fixed) | 32,000 |
| Beginning Work in Process Inventory | 22,000 |
| Ending Work in Process Inventory | 24,000 |
| Beginning Finished Goods Inventory | 27,000 |
| Ending Finished Goods Inventory | 30,000 |
Requirements: a) Compute the Total Manufacturing Cost. b) Determine the Cost of Goods Manufactured. c) Find the Cost of Goods Sold. d) Calculate the Gross Profit. e) Construct a Schedule of Cost of Goods Manufactured. f) Prepare a Schedule of Cost of Goods Sold. g) Prepare a Schedule of Gross Profit.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Horngrens Accounting
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
10th Canadian edition Volume 1
978-0134213101, 134213106, 133855376, 978-0133855371
