The following information pertains to Big Three Manufacturing Company for March 2018. Assume actual overhead equaled...

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Accounting

The following information pertains to Big Three ManufacturingCompany for March 2018. Assume actual overhead equaled appliedoverhead.
March 1
Inventory balances
Raw materials
$
12,707
Work in process
17,429
Finished goods
9,476
March 31
Inventory balances
Raw materials
$
11,843
Work in process
13,186
Finished goods
7,887
During March
Costs of raw materials purchased
$
63,497
Costs of direct labor
20,288
Costs of manufacturing overhead
12,279
Sales revenues
193,247
The gross profit is $______________

Answer & Explanation Solved by verified expert

3.9 Ratings (454 Votes)

The gross profit is 90487 Working Schedule of Cost of Goods Manufactured Direct Material Raw material Inventory Beginning 1270700 Raw material Purchased 6349700 Raw See Answer

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March 1
Inventory balances
Raw materials	$	12,707
Work in process		17,429
Finished goods		9,476
March 31
Inventory balances
Raw materials	$	11,843
Work in process		13,186
Finished goods		7,887
During March
Costs of raw materials purchased	$	63,497
Costs of direct labor		20,288
Costs of manufacturing overhead		12,279
Sales revenues		193,247