Consider the following data for Richmond Manufacturing for the month ending 31 May 2020: Beginning direct...

Consider the following data for Richmond Manufacturing for the month ending 31
May 2020:
Beginning direct materials inventory $ 10 000
Beginning work in process inventory 10 000
Beginning finished goods inventory 50 000
Repairs to office equipment 3 000
Direct materials purchases 110 000
Office utilities expense 1 000
Direct labour 50 000
Manufacturing overhead applied 80 000
Manufacturing overhead (actual) 73 000

Sales revenue 245 000
Selling expenses 19 000
Advertising expenses 2 000
Sales returns 25 000
Ending direct materials inventory 24 000
Ending work in process inventory 66 000
Ending finished goods inventory 34 000
Required:
(a) Prepare a cost of goods manufactured schedule.
(b) Determine the cost of goods sold for Richmond Manufacturing in May.
(c) Determine the gross profit for Richmond Manufacturing in May.
(d) Determine the net profit for Richmond Manufacturing in May.

Expert Solution

ekkarill92 answered 2 years ago

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