UVW Manufacturing Company produces a single product. The following data is for the month of May:
Direct materials used: $785,000
Direct labor cost: $760,000
Variable manufacturing overhead: $730,000
Fixed manufacturing overhead: $740,000
Beginning finished goods inventory: $735,000
Ending finished goods inventory: $745,000
Beginning work in process inventory: $725,000
Ending work in process inventory: $730,000
Requirements:
a) Calculate the total manufacturing cost.
b) Calculate the cost of goods manufactured.
c) Calculate the cost of goods sold.
d) Calculate the gross profit.
e) Prepare a schedule of cost of goods manufactured.
f) Prepare a schedule of cost of goods sold.