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QRS Corporation gathered the following data for the month of October: Item Amount ($) Direct Materials Used 366,000 Direct Labor 332,000 Manufacturing Overhead (Variable) 320,000
- QRS Corporation gathered the following data for the month of October:
Item | Amount ($) |
---|---|
Direct Materials Used | 366,000 |
Direct Labor | 332,000 |
Manufacturing Overhead (Variable) | 320,000 |
Manufacturing Overhead (Fixed) | 328,000 |
Beginning Work in Process Inventory | 318,000 |
Ending Work in Process Inventory | 320,000 |
Beginning Finished Goods Inventory | 324,000 |
Ending Finished Goods Inventory | 326,000 |
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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