Question: QuantumSystems Ltd. has the following information: Direct materials: $45,000 Direct labor: $35,000 Factory overhead: $25,000 Work in Progress (Beginning): $10,000 Work in Progress (Ending): $12,000

QuantumSystems Ltd. has the following information:
•Direct materials: $45,000
•Direct labor: $35,000
•Factory overhead: $25,000
•Work in Progress (Beginning): $10,000
•Work in Progress (Ending): $12,000
•Finished Goods (Beginning): $12,000
•Finished Goods (Ending): $15,000
Requirement: Prepare a cost of goods manufactured statement and a cost of goods sold statement for QuantumSystems Ltd. Also, calculate the gross profit if sales were $550,000.

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