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QRS Corporation gathered the following data for the month of August: Item Amount ($) Direct Materials Used 746,000 Direct Labor 712,000 Manufacturing Overhead (Variable) 700,000

  1. QRS Corporation gathered the following data for the month of August:
ItemAmount ($)
Direct Materials Used746,000
Direct Labor712,000
Manufacturing Overhead (Variable)700,000
Manufacturing Overhead (Fixed)708,000
Beginning Work in Process Inventory698,000
Ending Work in Process Inventory700,000
Beginning Finished Goods Inventory704,000
Ending Finished Goods Inventory706,000

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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