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VWX Inc. incurred the following costs during March: Item Amount ($) Direct Materials Used 112,000 Direct Labor 78,000 Manufacturing Overhead (Variable) 66,000 Manufacturing Overhead (Fixed)
- VWX Inc. incurred the following costs during March:
Item | Amount ($) |
---|---|
Direct Materials Used | 112,000 |
Direct Labor | 78,000 |
Manufacturing Overhead (Variable) | 66,000 |
Manufacturing Overhead (Fixed) | 74,000 |
Beginning Work in Process Inventory | 64,000 |
Ending Work in Process Inventory | 66,000 |
Beginning Finished Goods Inventory | 70,000 |
Ending Finished Goods Inventory | 72,000 |
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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