WXY Corporation produces a single product. The following data is for the month of May:
Direct materials used: $305,000
Direct labor cost: $280,000
Variable manufacturing overhead: $250,000
Fixed manufacturing overhead: $260,000
Beginning finished goods inventory: $255,000
Ending finished goods inventory: $265,000
Beginning work in process inventory: $245,000
Ending work in process inventory: $250,000
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.