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MNO Corporation gathered the following data for the month of October: Item Amount ($) Direct Materials Used 462,000 Direct Labor 428,000 Manufacturing Overhead (Variable) 416,000

  1. MNO Corporation gathered the following data for the month of October:
ItemAmount ($)
Direct Materials Used462,000
Direct Labor428,000
Manufacturing Overhead (Variable)416,000
Manufacturing Overhead (Fixed)424,000
Beginning Work in Process Inventory414,000
Ending Work in Process Inventory416,000
Beginning Finished Goods Inventory420,000
Ending Finished Goods Inventory422,000

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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