MNO Corporation gathered the following data for the month of October: Item Amount ($) Direct Materials Used
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Question:
- MNO Corporation gathered the following data for the month of October:
| Item | Amount ($) |
|---|---|
| Direct Materials Used | 462,000 |
| Direct Labor | 428,000 |
| Manufacturing Overhead (Variable) | 416,000 |
| Manufacturing Overhead (Fixed) | 424,000 |
| Beginning Work in Process Inventory | 414,000 |
| Ending Work in Process Inventory | 416,000 |
| Beginning Finished Goods Inventory | 420,000 |
| Ending Finished Goods Inventory | 422,000 |
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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