MNO Manufacturing Company produces a single product. The following data pertains to the month of May:
Direct materials cost: $845,000
Direct labor cost: $820,000
Variable manufacturing overhead: $790,000
Fixed manufacturing overhead: $800,000
Beginning finished goods inventory: $795,000
Ending finished goods inventory: $805,000
Beginning work in process inventory: $785,000
Ending work in process inventory: $790,000
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.