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MNO Corporation gathered the following data for the month of August: Item Amount ($) Direct Materials Used 602,000 Direct Labor 568,000 Manufacturing Overhead (Variable) 556,000

  1. MNO Corporation gathered the following data for the month of August:
ItemAmount ($)
Direct Materials Used602,000
Direct Labor568,000
Manufacturing Overhead (Variable)556,000
Manufacturing Overhead (Fixed)564,000
Beginning Work in Process Inventory554,000
Ending Work in Process Inventory556,000
Beginning Finished Goods Inventory560,000
Ending Finished Goods Inventory562,000

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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