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MNO Corporation gathered the following data for the month of June: Item Amount ($) Direct Materials Used 502,000 Direct Labor 468,000 Manufacturing Overhead (Variable) 456,000

  1. MNO Corporation gathered the following data for the month of June:
ItemAmount ($)
Direct Materials Used502,000
Direct Labor468,000
Manufacturing Overhead (Variable)456,000
Manufacturing Overhead (Fixed)464,000
Beginning Work in Process Inventory454,000
Ending Work in Process Inventory456,000
Beginning Finished Goods Inventory460,000
Ending Finished Goods Inventory462,000

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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