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QRS Corporation gathered the following data for the month of February: Item Amount ($) Direct Materials Used 326,000 Direct Labor 292,000 Manufacturing Overhead (Variable) 280,000

  1. QRS Corporation gathered the following data for the month of February:
ItemAmount ($)
Direct Materials Used326,000
Direct Labor292,000
Manufacturing Overhead (Variable)280,000
Manufacturing Overhead (Fixed)288,000
Beginning Work in Process Inventory278,000
Ending Work in Process Inventory280,000
Beginning Finished Goods Inventory284,000
Ending Finished Goods Inventory286,000

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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