KLM Manufacturing Company produces a single product. The following data is for the month of July: Direct
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Question:
- KLM Manufacturing Company produces a single product. The following data is for the month of July:
- Direct materials used: $435,000
- Direct labor cost: $410,000
- Variable manufacturing overhead: $380,000
- Fixed manufacturing overhead: $390,000
- Beginning finished goods inventory: $385,000
- Ending finished goods inventory: $395,000
- Beginning work in process inventory: $375,000
- Ending work in process inventory: $380,000
Requirements: a) Calculate the total manufacturing cost. b) Calculate the cost of goods manufactured. c) Calculate the cost of goods sold. d) Calculate the gross profit. e) Prepare a schedule of cost of goods manufactured. f) Prepare a schedule of cost of goods sold.
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