VWX Manufacturing Company manufactures a single product. The following information is available for the month of February:
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Question:
- VWX Manufacturing Company manufactures a single product. The following information is available for the month of February:
- Direct materials used: $1,190,000
- Direct labor cost: $1,165,000
- Variable manufacturing overhead: $1,135,000
- Fixed manufacturing overhead: $1,145,000
- Beginning finished goods inventory: $1,140,000
- Ending finished goods inventory: $1,150,000
- Beginning work in process inventory: $1,130,000
- Ending work in process inventory: $1,135,000
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.
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