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MNO Corporation gathered the following data for the month of August: Item Amount ($) Direct Materials Used 362,000 Direct Labor 328,000 Manufacturing Overhead (Variable) 316,000

  1. MNO Corporation gathered the following data for the month of August:
ItemAmount ($)
Direct Materials Used362,000
Direct Labor328,000
Manufacturing Overhead (Variable)316,000
Manufacturing Overhead (Fixed)324,000
Beginning Work in Process Inventory314,000
Ending Work in Process Inventory316,000
Beginning Finished Goods Inventory320,000
Ending Finished Goods Inventory322,000

Requirements: a) Calculate Total Manufacturing Cost. b) Calculate Cost of Goods Manufactured. c) Calculate Cost of Goods Sold. d) Calculate Gross Profit. e) Prepare 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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