WXY Manufacturing Company produces a single product. The following data pertains to the month of November:
Direct materials cost: $695,000
Direct labor cost: $670,000
Variable manufacturing overhead: $640,000
Fixed manufacturing overhead: $650,000
Beginning finished goods inventory: $645,000
Ending finished goods inventory: $655,000
Beginning work in process inventory: $635,000
Ending work in process inventory: $640,000
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.