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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:
- Compute the Total Manufacturing Costs.
- Calculate the Cost of Goods Manufactured.
- Determine the Cost of Goods Sold.
- Calculate the Gross Margin.
- Prepare the Income Statement for Q2 2023.
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