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QRS Manufacturing Company produces a single product. The following data pertains to the month of May: - Direct materials cost: $365,000 - Direct labor cost:
QRS Manufacturing Company produces a single product. The following data pertains to the month of May:
- Direct materials cost: $365,000
- Direct labor cost: $340,000
- Variable manufacturing overhead: $310,000
- Fixed manufacturing overhead: $320,000
- Beginning finished goods inventory: $315,000
- Ending finished goods inventory: $325,000
- Beginning work in process inventory: $305,000
- Ending work in process inventory: $310,000
Requirements:
a) Calculate the total manufacturing cost.
b) Calculate the cost of goods manufactured.
c) Calculate the cost of goods sold.
d) Calculate the gross profit.
e) Prepare a schedule of cost of goods manufactured.
f) Prepare a schedule of cost of goods sold
.
- Direct materials cost: $365,000
- Direct labor cost: $340,000
- Variable manufacturing overhead: $310,000
- Fixed manufacturing overhead: $320,000
- Beginning finished goods inventory: $315,000
- Ending finished goods inventory: $325,000
- Beginning work in process inventory: $305,000
- Ending work in process inventory: $310,000
Requirements:
a) Calculate the total manufacturing cost.
b) Calculate the cost of goods manufactured.
c) Calculate the cost of goods sold.
d) Calculate the gross profit.
e) Prepare a schedule of cost of goods manufactured.
f) Prepare a schedule of cost of goods sold
.
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