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XYZ Inc. incurred the following costs during August: Item Amount ($) Direct Materials Used 458,000 Direct Labor 424,000 Manufacturing Overhead (Variable) 412,000 Manufacturing Overhead (Fixed)

  1. XYZ Inc. incurred the following costs during August:
ItemAmount ($)
Direct Materials Used458,000
Direct Labor424,000
Manufacturing Overhead (Variable)412,000
Manufacturing Overhead (Fixed)420,000
Beginning Work in Process Inventory410,000
Ending Work in Process Inventory412,000
Beginning Finished Goods Inventory416,000
Ending Finished Goods Inventory418,000

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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