Answered step by step
Verified Expert Solution
Question
1 Approved Answer
XYZ Inc. incurred the following costs during October: Item Amount ($) Direct Materials Used 438,000 Direct Labor 404,000 Manufacturing Overhead (Variable) 392,000 Manufacturing Overhead (Fixed)
- XYZ Inc. incurred the following costs during October:
Item | Amount ($) |
---|---|
Direct Materials Used | 438,000 |
Direct Labor | 404,000 |
Manufacturing Overhead (Variable) | 392,000 |
Manufacturing Overhead (Fixed) | 400,000 |
Beginning Work in Process Inventory | 390,000 |
Ending Work in Process Inventory | 392,000 |
Beginning Finished Goods Inventory | 396,000 |
Ending Finished Goods Inventory | 398,000 |
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