Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

XYZ Manufacturing Company manufactures a single product. The following information is available for the month of April: Direct materials used: $1,200,000 Direct labor cost: $1,175,000

  1. XYZ Manufacturing Company manufactures a single product. The following information is available for the month of April:
  • Direct materials used: $1,200,000
  • Direct labor cost: $1,175,000
  • Variable manufacturing overhead: $1,145,000
  • Fixed manufacturing overhead: $1,155,000
  • Beginning finished goods inventory: $1,150,000
  • Ending finished goods inventory: $1,160,000
  • Beginning work in process inventory: $1,140,000
  • Ending work in process inventory: $1,145,000

Requirements: a) Calculate the total manufacturing cost. b) Calculate the cost of goods manufactured. c) Calculate the cost of goods sold. d) Calculate the gross profit. e) Prepare a schedule of cost of goods manufactured. f) Prepare a schedule of cost of goods sold.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Fundamental Accounting Principles

Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta

20th Edition

1259157148, 78110874, 9780077616212, 978-1259157141, 77616219, 978-0078110870

More Books

Students also viewed these Accounting questions