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WXY Corporation gathered the following data for the month of January: Item Amount ($) Direct Materials Used 156,000 Direct Labor 122,000 Manufacturing Overhead (Variable) 110,000

  1. WXY Corporation gathered the following data for the month of January:
ItemAmount ($)
Direct Materials Used156,000
Direct Labor122,000
Manufacturing Overhead (Variable)110,000
Manufacturing Overhead (Fixed)118,000
Beginning Work in Process Inventory108,000
Ending Work in Process Inventory110,000
Beginning Finished Goods Inventory114,000
Ending Finished Goods Inventory116,000

Requirements: a) Calculate 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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