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VWX Inc. incurred the following costs during July: Item Amount ($) Direct Materials Used 95,000 Direct Labor 62,000 Manufacturing Overhead (Variable) 50,000 Manufacturing Overhead (Fixed)

  1. VWX Inc. incurred the following costs during July:
ItemAmount ($)
Direct Materials Used95,000
Direct Labor62,000
Manufacturing Overhead (Variable)50,000
Manufacturing Overhead (Fixed)58,000
Beginning Work in Process Inventory48,000
Ending Work in Process Inventory50,000
Beginning Finished Goods Inventory54,000
Ending Finished Goods Inventory56,000

Requirements: a) Determine 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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