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ABC Ltd. incurred the following costs during the month: Cost Component Amount ($) Direct Materials $80,000 Direct Labor $60,000 Variable Overhead $40,000 Fixed Overhead $30,000

ABC Ltd. incurred the following costs during the month:

Cost Component

Amount ($)

Direct Materials

$80,000

Direct Labor

$60,000

Variable Overhead

$40,000

Fixed Overhead

$30,000

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

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