XYZ Manufacturing produces widgets. The following data is available for the month of January:
Direct materials used: $50,000
Direct labor: $30,000
Manufacturing overhead: $20,000
Beginning Work in Process Inventory: $5,000
Ending Work in Process Inventory: $7,000
Beginning Finished Goods Inventory: $8,000
Ending Finished Goods Inventory: $10,000
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.