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MNO Corporation manufactures a single product. The following data is for the month of September: Direct materials used: $48,000 Direct labor cost: $32,000 Variable manufacturing

  1. MNO Corporation manufactures a single product. The following data is for the month of September:
  • Direct materials used: $48,000
  • Direct labor cost: $32,000
  • Variable manufacturing overhead: $14,000
  • Fixed manufacturing overhead: $18,000
  • Beginning finished goods inventory: $16,000
  • Ending finished goods inventory: $20,000
  • Beginning work in process inventory: $10,000
  • Ending work in process inventory: $12,000

Requirements: a) Calculate the total manufacturing cost. b) Calculate the cost of goods manufactured. c) Calculate the cost of goods sold. d) Calculate the gross profit. e) Prepare a schedule of cost of goods manufactured. f) Prepare a schedule of cost of goods sold.

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