1. Cost of Goods Manufactured and Sold

   LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant:

   Direct materials inventory	$62,400
   Work-in-process inventory	33,900
   Finished goods inventory	55,600

   During June, direct labor cost was $143,000, direct materials purchases were $346,000, and the total overhead cost was $375,800. The inventories at the end of June were:

   Direct materials inventory	$63,000
   Work-in-process inventory	37,500
   Finished goods inventory	50,800

   Required:

   1. Prepare a cost of goods manufactured statement for June.

   LeMans Company
   Statement of Cost of Goods Manufactured
   For the Month of June
   Direct materials:
   Beginning inventory Beginning inventory Beginning work in process Direct labor Ending inventory Ending work in process	$
   Add: Purchases Add: Direct labor Add: Ending inventory Add: Ending work in process Add: Manufacturing overhead Add: Purchases
   Materials available	$
   Less: Ending inventory Less: Beginning inventory Less: Direct labor Less: Ending inventory Less: Ending work in process Less: Manufacturing overhead
   Direct materials used in production		$
   Direct labor Beginning inventory Direct labor Ending inventory Ending work in process Purchases
   Manufacturing overhead Beginning inventory Beginning work in process Ending inventory Ending work in process Manufacturing overhead
   Total manufacturing costs added		$
   Add: Beginning work in process Add: Beginning inventory Add: Beginning work in process Add: Ending inventory Add: Ending work in process Add: Manufacturing overhead
   Less: Ending work in process Less: Beginning inventory Less: Beginning work in process Less: Direct labor Less: Ending inventory Less: Ending work in process
   Cost of goods manufactured		$

   Feedback

   See Cornerstone 2.2

   2. Prepare a cost of goods sold schedule for June.

   LeMans Company
   Statement of Cost of Goods Sold
   For the Month of June
   Cost of goods manufactured Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory	$
   Add: Beginning finished goods inventory Add: Beginning finished goods inventory Add: Cost of goods available for sale Add: Cost of goods manufactured Add: Cost of goods sold Add: Ending finished goods inventory
   Cost of goods available for sale Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory	$
   Less: Ending finished goods inventory Less: Beginning finished goods inventory Less: Cost of goods available for sale Less: Cost of goods manufactured Less: Cost of goods sold Less: Ending finished goods inventory
   Cost of goods sold	$