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Samsung's mobile division provided the following data for Q3 2023: Beginning Work in Process Inventory: $350,000 Direct Materials: $1,200,000 Direct Labor: $900,000 Manufacturing Overhead: $600,000
Samsung's mobile division provided the following data for Q3 2023:
- Beginning Work in Process Inventory: $350,000
- Direct Materials: $1,200,000
- Direct Labor: $900,000
- Manufacturing Overhead: $600,000
- Ending Work in Process Inventory: $450,000
- Sales Revenue: $7,000,000
- Operating Expenses: $1,200,000
Requirements:
- Compute the Total Manufacturing Costs.
- Calculate the Cost of Goods Manufactured.
- Determine the Cost of Goods Sold.
- Calculate the Gross Margin.
- Prepare the Income Statement for Q3 2023.
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