SkyIndustries Ltd provided the following data Item Amount Direct Materials $50,000 Direct Labor $40,000 Factory Overhead $30,000 Work in Progress (Beginning) $10,000 Work in Progress (Ending) $15,000 Finished Goods (Beginning) $15,000 Finished Goods (Ending) $20,000 Requirement Calculate the total manufacturing cost and the cost of goods manufactured for SkyIndustries Ltd Prepare the cost of goods sold statement and calculate the gross margin if sales were $480,000

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[SOLVED] SkyIndustries Ltd. provided the following data: Item Amount Direct Materials $50,000

Item	Amount
Direct Materials	$50,000
Direct Labor	$40,000
Factory Overhead	$30,000
Work in Progress (Beginning)	$10,000
Work in Progress (Ending)	$15,000
Finished Goods (Beginning)	$15,000
Finished Goods (Ending)	$20,000

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Question: SkyIndustries Ltd. provided the following data: Item Amount Direct Materials $50,000 Direct Labor $40,000 Factory Overhead $30,000 Work in Progress (Beginning) $10,000 Work in Progress

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