Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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 $61,500
Work-in-process inventory 29,700
Finished goods inventory 52,900

During June, direct labor cost was $141,500, direct materials purchases were $330,500, and the total overhead cost was $367,200. The inventories at the end of June were:

Direct materials inventory $62,100
Work-in-process inventory 33,300
Finished goods inventory 48,300

Required:

Question Content Area

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 inventoryBeginning work in processDirect laborEnding inventoryEnding work in process

$- Select -

Add: Direct laborAdd: Ending inventoryAdd: Ending work in processAdd: Manufacturing overheadAdd: Purchases

- Select -
Materials available $fill in the blank c250d2ffbfcdfd0_5

Less: Beginning inventoryLess: Direct laborLess: Ending inventoryLess: Ending work in processLess: Manufacturing overhead

- Select -
Direct materials used in production $fill in the blank c250d2ffbfcdfd0_8

Beginning inventoryDirect laborEnding inventoryEnding work in processPurchases

- Select -

Beginning inventoryBeginning work in processEnding inventoryEnding work in processManufacturing overhead

- Select -
Total manufacturing costs added $fill in the blank c250d2ffbfcdfd0_13

Add: Beginning inventoryAdd: Beginning work in processAdd: Ending inventoryAdd: Ending work in processAdd: Manufacturing overhead

- Select -

Less: Beginning inventoryLess: Beginning work in processLess: Direct laborLess: Ending inventoryLess: Ending work in process

- Select -
Cost of goods manufactured $fill in the blank c250d2ffbfcdfd0_18

Question Content Area

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 inventoryCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goods inventory

$- Select -

Add: Beginning finished goods inventoryAdd: Cost of goods available for saleAdd: Cost of goods manufacturedAdd: Cost of goods soldAdd: Ending finished goods inventory

- Select -

Beginning finished goods inventoryCost of goods available for saleCost of goods manufacturedCost of goods soldEnding finished goods inventory

$- Select -

Less: Beginning finished goods inventoryLess: Cost of goods available for saleLess: Cost of goods manufacturedLess: Cost of goods soldLess: Ending finished goods inventory

- Select -
Cost of goods sold $fill in the blank b71b8e01effaf9d_9

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Certificate Of Cloud Auditing Knowledge Study Guide

Authors: Isaca

1st Edition

1604208619, 978-1604208610

More Books

Students also viewed these Accounting questions

Question

Is there one best way to export directly? Defend your answer.

Answered: 1 week ago

Question

How does intangibility of services affect quantity decisions?

Answered: 1 week ago

Question

Design a cross-cultural preparation program. page 300

Answered: 1 week ago