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 $56,400 Work-in-process inventory 34,500 Finished goods inventory 59,000 During June, direct labor cost was $135,500, direct materials purchases were $332,000, and the total overhead cost was $364,600. The inventories at the end of June were: Direct materials inventory $57,000 Work-in-process inventory 38,100 Finished goods inventory 54,400 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 ini 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 2. Prepare a cost of goods sold schedule for June. LeMans Company Statement of Cost of Goods Sold For the Month of June Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory $ Cost of goods sold