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ABC Ltd. incurred the following costs during the month: Cost Component Amount ($) Direct Materials $240,000 Direct Labor $180,000 Variable Overhead $120,000 Fixed Overhead $100,000

ABC Ltd. incurred the following costs during the month:

Cost Component

Amount ($)

Direct Materials

$240,000

Direct Labor

$180,000

Variable Overhead

$120,000

Fixed Overhead

$100,000

Calculate the total manufacturing cost incurred during the month and prepare an income statement showing the cost of goods sold.

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