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TechSystems Ltd. has provided the following details: Item Amount Direct Materials $45,000 Direct Labor $35,000 Factory Overhead $25,000 Work in Progress (Beginning) $10,000 Work in

TechSystems Ltd. has provided the following details:

Item

Amount

Direct Materials

$45,000

Direct Labor

$35,000

Factory Overhead

$25,000

Work in Progress (Beginning)

$10,000

Work in Progress (Ending)

$12,000

Finished Goods (Beginning)

$12,000

Finished Goods (Ending)

$15,000

Requirement: Calculate the cost of goods manufactured and the cost of goods sold for TechSystems Ltd. Also, prepare the cost of goods sold statement and calculate the gross profit if sales were $350,000.

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