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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

  1. QRS Corporation gathered the following data for the month of December:
ItemAmount ($)
Direct Materials Used586,000
Direct Labor552,000
Manufacturing Overhead (Variable)540,000
Manufacturing Overhead (Fixed)548,000
Beginning Work in Process Inventory538,000
Ending Work in Process Inventory540,000
Beginning Finished Goods Inventory544,000
Ending Finished Goods Inventory546,000

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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