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UVW Corporation gathered the following data for the month of February: Item Amount ($) Direct Materials Used 110,000 Direct Labor 76,000 Manufacturing Overhead (Variable) 64,000

  1. UVW Corporation gathered the following data for the month of February:
ItemAmount ($)
Direct Materials Used110,000
Direct Labor76,000
Manufacturing Overhead (Variable)64,000
Manufacturing Overhead (Fixed)72,000
Beginning Work in Process Inventory62,000
Ending Work in Process Inventory64,000
Beginning Finished Goods Inventory68,000
Ending Finished Goods Inventory70,000

Requirements: a) Compute the Total Manufacturing Cost. b) Determine the Cost of Goods Manufactured. c) Find the Cost of Goods Sold. d) Calculate the Gross Profit. e) Construct 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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