LMN Manufacturing Company manufactures a single product. The following information is available for the month of August:
Direct materials used: $740,000
Direct labor cost: $715,000
Variable manufacturing overhead: $685,000
Fixed manufacturing overhead: $695,000
Beginning finished goods inventory: $690,000
Ending finished goods inventory: $700,000
Beginning work in process inventory: $680,000
Ending work in process inventory: $685,000
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.