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TUV Corporation gathered the following data for the month of August: Item Amount ($) Direct Materials Used 170,000 Direct Labor 136,000 Manufacturing Overhead (Variable) 124,000

  1. TUV Corporation gathered the following data for the month of August:
ItemAmount ($)
Direct Materials Used170,000
Direct Labor136,000
Manufacturing Overhead (Variable)124,000
Manufacturing Overhead (Fixed)132,000
Beginning Work in Process Inventory122,000
Ending Work in Process Inventory124,000
Beginning Finished Goods Inventory128,000
Ending Finished Goods Inventory130,000

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.

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