QRS Corporation gathered the following data for the month of August: Item Amount ($) Direct Materials Used
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Question:
- QRS Corporation gathered the following data for the month of August:
Item | Amount ($) |
---|---|
Direct Materials Used | 506,000 |
Direct Labor | 472,000 |
Manufacturing Overhead (Variable) | 460,000 |
Manufacturing Overhead (Fixed) | 468,000 |
Beginning Work in Process Inventory | 458,000 |
Ending Work in Process Inventory | 460,000 |
Beginning Finished Goods Inventory | 464,000 |
Ending Finished Goods Inventory | 466,000 |
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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