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XYZ Inc. incurred the following costs during August: Item Amount ($) Direct Materials Used 698,000 Direct Labor 664,000 Manufacturing Overhead (Variable) 652,000 Manufacturing Overhead (Fixed)

  1. XYZ Inc. incurred the following costs during August:
ItemAmount ($)
Direct Materials Used698,000
Direct Labor664,000
Manufacturing Overhead (Variable)652,000
Manufacturing Overhead (Fixed)660,000
Beginning Work in Process Inventory650,000
Ending Work in Process Inventory652,000
Beginning Finished Goods Inventory656,000
Ending Finished Goods Inventory658,000

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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