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TUV Corporation incurred the following costs during February: Item Amount ($) Direct Materials Used 710,000 Direct Labor 676,000 Manufacturing Overhead (Variable) 664,000 Manufacturing Overhead (Fixed)

  1. TUV Corporation incurred the following costs during February:
ItemAmount ($)
Direct Materials Used710,000
Direct Labor676,000
Manufacturing Overhead (Variable)664,000
Manufacturing Overhead (Fixed)672,000
Beginning Work in Process Inventory662,000
Ending Work in Process Inventory664,000
Beginning Finished Goods Inventory668,000
Ending Finished Goods Inventory670,000

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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