Answered step by step
Verified Expert Solution
Question
1 Approved Answer
STU Manufacturing Company incurred the following costs during July: Item Amount ($) Direct Materials Used 168,000 Direct Labor 134,000 Manufacturing Overhead (Variable) 122,000 Manufacturing Overhead
- STU Manufacturing Company incurred the following costs during July:
Item | Amount ($) |
---|---|
Direct Materials Used | 168,000 |
Direct Labor | 134,000 |
Manufacturing Overhead (Variable) | 122,000 |
Manufacturing Overhead (Fixed) | 130,000 |
Beginning Work in Process Inventory | 120,000 |
Ending Work in Process Inventory | 122,000 |
Beginning Finished Goods Inventory | 126,000 |
Ending Finished Goods Inventory | 128,000 |
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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started