Question: Intel provided the following information for its microchip division for Q2 2023: Beginning Work in Process Inventory: $200,000 Direct Materials: $900,000 Direct Labor: $600,000 Manufacturing

Intel provided the following information for its microchip division for Q2 2023:

  • Beginning Work in Process Inventory: $200,000
  • Direct Materials: $900,000
  • Direct Labor: $600,000
  • Manufacturing Overhead: $400,000
  • Ending Work in Process Inventory: $300,000
  • Sales Revenue: $5,000,000
  • Operating Expenses: $800,000

Requirements:

  1. Compute the Total Manufacturing Costs.
  2. Calculate the Cost of Goods Manufactured.
  3. Determine the Cost of Goods Sold.
  4. Calculate the Gross Margin.
  5. Prepare the Income Statement for Q2 2023.

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