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SkyTech Ltd. provided the following data: Item Amount Direct Materials $50,000 Direct Labor $40,000 Factory Overhead $30,000 Work in Progress (Beginning) $10,000 Work in Progress

SkyTech Ltd. provided the following data:

Item

Amount

Direct Materials

$50,000

Direct Labor

$40,000

Factory Overhead

$30,000

Work in Progress (Beginning)

$10,000

Work in Progress (Ending)

$15,000

Finished Goods (Beginning)

$15,000

Finished Goods (Ending)

$20,000

Requirement: Calculate the total manufacturing cost and the cost of goods manufactured for SkyTech Ltd. Prepare the cost of goods sold statement and calculate the gross margin if sales were $250,000.

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