Favorite Brands Company produces condensed soups at its Catahoula plant. At the beginning of June, the following information was supplied by its accountant:

Required:
1. Prepare a cost of goods manufactured statement for June.
2. Prepare a cost of goods sold schedule for June.LO1

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Direct materials inventory Work-in-process inventory Finished goods inventory $34,000 24,500 46,000 During June, direct labor cost was $78,000, direct materials purchases were $346,000, and the total overhead cost was $380,600. The inventories at the end of June were: Direct materials inventory Work-in-process inventory Finished goods inventory $56,000 37,500 56,000