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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

  1. QRS Corporation gathered the following data for the month of October:
ItemAmount ($)
Direct Materials Used366,000
Direct Labor332,000
Manufacturing Overhead (Variable)320,000
Manufacturing Overhead (Fixed)328,000
Beginning Work in Process Inventory318,000
Ending Work in Process Inventory320,000
Beginning Finished Goods Inventory324,000
Ending Finished Goods Inventory326,000

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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