Answered step by step
Verified Expert Solution
Question
1 Approved Answer
XYZ Inc. incurred the following costs during June: Item Amount ($) Direct Materials Used 598,000 Direct Labor 564,000 Manufacturing Overhead (Variable) 552,000 Manufacturing Overhead (Fixed)
- XYZ Inc. incurred the following costs during June:
Item | Amount ($) |
---|---|
Direct Materials Used | 598,000 |
Direct Labor | 564,000 |
Manufacturing Overhead (Variable) | 552,000 |
Manufacturing Overhead (Fixed) | 560,000 |
Beginning Work in Process Inventory | 550,000 |
Ending Work in Process Inventory | 552,000 |
Beginning Finished Goods Inventory | 556,000 |
Ending Finished Goods Inventory | 558,000 |
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.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started