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XYZ Corporation gathered the following data for the month of October: Item Amount ($) Direct Materials Used 102,000 Direct Labor 68,000 Manufacturing Overhead (Variable) 56,000

  1. XYZ Corporation gathered the following data for the month of October:
ItemAmount ($)
Direct Materials Used102,000
Direct Labor68,000
Manufacturing Overhead (Variable)56,000
Manufacturing Overhead (Fixed)64,000
Beginning Work in Process Inventory54,000
Ending Work in Process Inventory56,000
Beginning Finished Goods Inventory60,000
Ending Finished Goods Inventory62,000

Requirements: a) Compute the Total Manufacturing Cost. b) Determine the Cost of Goods Manufactured. c) Find the Cost of Goods Sold. d) Calculate the Gross Profit. e) Construct 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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