LMN Corporation manufactures a single product. The following information is available for the month of October:
Direct materials used: $90,000
Direct labor cost: $65,000
Variable manufacturing overhead: $35,000
Fixed manufacturing overhead: $45,000
Beginning finished goods inventory: $40,000
Ending finished goods inventory: $50,000
Beginning work in process inventory: $30,000
Ending work in process inventory: $35,000
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.