Question
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.
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.
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 |
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