ABC Ltd. has a factory with the following information: Total factory overheads for the period: $200,000 Direct
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Question:
ABC Ltd. has a factory with the following information:
- Total factory overheads for the period: $200,000
- Direct labor hours worked: 10,000
- Machine hours used: 5,000
- Total direct labor cost for the period: $80,000
- Total direct materials cost for the period: $120,000
- Total cost of goods manufactured for the period: $500,000
- Beginning work in process inventory: $50,000
- Ending work in process inventory: $60,000
Using the above information, calculate the following:
- Total manufacturing costs
- Cost of goods sold
- Gross profit
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