Reference no: EM132998349

Sales                                             1,300,000

Direct materials purchased                  220,000

Direct labour                                     250,000

Variable manufacturing overhead        100,000

Fixed manufacturing overhead                200,000

Selling and administrative costs (all fixed) 500,000

Opening work in process inventory         100,000

Closing work in process inventory            175,000

Opening finished goods inventory            110,000

Closing finished goods inventory               90,000

Opening raw materials inventory (all DM)   90,000

Closing raw materials inventory (all DM)    20,000

Problem 1: What are the total manufacturing costs for the period?

Problem 2: What is the cost of goods manufactured?

Problem 3: What is the cost of goods sold?

Problem 4: What is the gross profit?

Problem 5: What is net profit (loss)?