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MNO Manufacturing Company produces a single product. The following data pertains to the month of May: Direct materials cost: $1,145,000 Direct labor cost: $1,120,000 Variable

  1. MNO Manufacturing Company produces a single product. The following data pertains to the month of May:
  • Direct materials cost: $1,145,000
  • Direct labor cost: $1,120,000
  • Variable manufacturing overhead: $1,090,000
  • Fixed manufacturing overhead: $1,100,000
  • Beginning finished goods inventory: $1,095,000
  • Ending finished goods inventory: $1,105,000
  • Beginning work in process inventory: $1,085,000
  • Ending work in process inventory: $1,090,000

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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