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 Work-in-process inventory Finished goods inventory $55,800 35,200 55,200 During June, direct labor cost was $146,000, direct materials purchases were $347,500, and the total overhead cost was $367,200. The inventories at the end of June were: Direct materials inventory $56,400 Work-in-process inventory 38,800 Finished goods inventory 50,600 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 Add: Purchases Materials available Less: Ending inventory Direct materials used in production Direct labor Manufacturing overhead Total manufacturing costs added Add: Beginning work in process Less: Ending work in process Cost of goods manufactured 146,000 100000