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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)

  1. XYZ Inc. incurred the following costs during June:
ItemAmount ($)
Direct Materials Used598,000
Direct Labor564,000
Manufacturing Overhead (Variable)552,000
Manufacturing Overhead (Fixed)560,000
Beginning Work in Process Inventory550,000
Ending Work in Process Inventory552,000
Beginning Finished Goods Inventory556,000
Ending Finished Goods Inventory558,000

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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