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XYZ Inc. incurred the following costs during October: Item Amount ($) Direct Materials Used 438,000 Direct Labor 404,000 Manufacturing Overhead (Variable) 392,000 Manufacturing Overhead (Fixed)

  1. XYZ Inc. incurred the following costs during October:
ItemAmount ($)
Direct Materials Used438,000
Direct Labor404,000
Manufacturing Overhead (Variable)392,000
Manufacturing Overhead (Fixed)400,000
Beginning Work in Process Inventory390,000
Ending Work in Process Inventory392,000
Beginning Finished Goods Inventory396,000
Ending Finished Goods Inventory398,000

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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