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All Seasons Heating & Cooling manufactures air conditioning unis for commercial buildings. All Seasons has provided the following data concerning last months manufacturing operations. Purchases
All Seasons Heating & Cooling manufactures air conditioning unis for commercial buildings. All Seasons has provided the following data concerning last months manufacturing operations.
Purchases of raw materials | $ | 32,000 |
Indirect materials included in manufacturing overhead | $ | 4,680 |
Direct labor | $ | 60,000 |
Manufacturing overhead applied to work in process | $ | 87,300 |
Underapplied overhead | $ | 4,030 |
Inventories | Beginning | Ending | ||
Raw materials | $ | 10,400 | $ | 19,200 |
Work in process | $ | 55,700 | $ | 66,200 |
Finished goods | $ | 33,100 | $ | 43,800 |
Required:
1. Prepare a schedule of cost of goods manufactured for the month.
2. Prepare a schedule of cost of goods sold for the month. Assume the underapplied or overapplied overhead is closed to Cost of Goods Sold.
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