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Toyota's automobile division provided the following data for April 2023: Description Amount (in $) Raw Material Inventory (1/4) 150,000 Purchases 800,000 Raw Material Inventory (30/4)

Toyota's automobile division provided the following data for April 2023:

Description

Amount (in $)

Raw Material Inventory (1/4)

150,000

Purchases

800,000

Raw Material Inventory (30/4)

130,000

Direct Labor

600,000

Factory Overhead

400,000

Finished Goods Inventory (1/4)

210,000

Finished Goods Inventory (30/4)

170,000

Sales

6,000,000

Operating Expenses

1,000,000

Requirements:

  1. Calculate the Raw Materials Used.
  2. Determine the Total Manufacturing Costs.
  3. Compute the Cost of Goods Manufactured.
  4. Calculate the Cost of Goods Sold.
  5. Prepare the Income Statement for April 2023.

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