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 $63,000

- Work-in-process inventory 31,500

- Finished goods inventory 55,200

During June, direct labor cost was $132,500, direct materials purchases were $342,000, and the total overhead cost was $372,000. The inventories at the end of June were:

- Direct materials inventory $63,600

- Work-in-process inventory 35,100

- 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 $ X Materials available Less: Ending inventory X Direct materials used in production $ Direct labor Manufacturing overhead $ Total manufacturing costs added Add: Beginning work in process Less: Ending work in process X $ 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 Cost of goods manufactured $ Add: Beginning finished goods inventory Cost of goods available for sale TA Less: Ending finished goods inventory Cost of goods sold $