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QRS Corporation gathered the following data for the month of December: Item Amount ($) Direct Materials Used 586,000 Direct Labor 552,000 Manufacturing Overhead (Variable) 540,000
- QRS Corporation gathered the following data for the month of December:
Item | Amount ($) |
---|---|
Direct Materials Used | 586,000 |
Direct Labor | 552,000 |
Manufacturing Overhead (Variable) | 540,000 |
Manufacturing Overhead (Fixed) | 548,000 |
Beginning Work in Process Inventory | 538,000 |
Ending Work in Process Inventory | 540,000 |
Beginning Finished Goods Inventory | 544,000 |
Ending Finished Goods Inventory | 546,000 |
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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