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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
- 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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