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PQR Manufacturing Company manufactures a single product. The following information is available for the month of August: Direct materials used: $1,160,000 Direct labor cost: $1,135,000

  1. PQR Manufacturing Company manufactures a single product. The following information is available for the month of August:
  • Direct materials used: $1,160,000
  • Direct labor cost: $1,135,000
  • Variable manufacturing overhead: $1,105,000
  • Fixed manufacturing overhead: $1,115,000
  • Beginning finished goods inventory: $1,110,000
  • Ending finished goods inventory: $1,120,000
  • Beginning work in process inventory: $1,100,000
  • Ending work in process inventory: $1,105,000

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.

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