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Walmart's retail division provided the following data for May 2023: Item Amount (in $) Opening Inventory (Raw Materials) 110,000 Purchases 650,000 Closing Inventory (Raw Materials)
Walmart's retail division provided the following data for May 2023:
Item | Amount (in $) |
Opening Inventory (Raw Materials) | 110,000 |
Purchases | 650,000 |
Closing Inventory (Raw Materials) | 90,000 |
Direct Labor | 450,000 |
Manufacturing Overhead | 300,000 |
Opening Inventory (Finished Goods) | 160,000 |
Closing Inventory (Finished Goods) | 120,000 |
Sales | 3,500,000 |
Selling Expenses | 600,000 |
Requirements:
- Calculate the Total Direct Materials Used.
- Determine the Total Manufacturing Costs.
- Compute the Cost of Goods Manufactured.
- Calculate the Cost of Goods Sold.
- Prepare the Gross Profit Statement for May 2023.
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