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MNO Corporation gathered the following data for the month of June: Item Amount ($) Direct Materials Used 142,000 Direct Labor 108,000 Manufacturing Overhead (Variable) 96,000

  1. MNO Corporation gathered the following data for the month of June:
ItemAmount ($)
Direct Materials Used142,000
Direct Labor108,000
Manufacturing Overhead (Variable)96,000
Manufacturing Overhead (Fixed)104,000
Beginning Work in Process Inventory94,000
Ending Work in Process Inventory96,000
Beginning Finished Goods Inventory100,000
Ending Finished Goods Inventory102,000

Requirements: a) Compute the Total Manufacturing Cost. b) Determine the Cost of Goods Manufactured. c) Find the Cost of Goods Sold. d) Calculate the Gross Profit. e) Construct a Schedule of Cost of Goods Manufactured. f) Prepare a Schedule of Cost of Goods Sold. g) Prepare a Schedule of Gross Profit.

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