Cost of Goods Sold, Cost of Goods Manufactured

Princeton 3 Company has the following information for May:

Cost of direct materials used in production	$17,300
Direct labor	44,700
Factory overhead	28,800
Work in process inventory, May 1	72,100
Work in process inventory, May 31	76,400
Finished goods inventory, May 1	30,300
Finished goods inventory, May 31	34,600

a. For May, using the data given, prepare a statement of Cost of Goods Manufactured.

Princeton 3 Company
Statement of Cost of Goods Manufactured
Work in process inventory, May 1		$fill in the blank cae8970a7ffefbc_2
Cost of direct materials used in production	$fill in the blank cae8970a7ffefbc_4
Direct labor	fill in the blank cae8970a7ffefbc_6
Factory overhead	fill in the blank cae8970a7ffefbc_8
Total manufacturing costs incurred during May		fill in the blank cae8970a7ffefbc_9
Total manufacturing costs		$fill in the blank cae8970a7ffefbc_10
Less work in process inventory, May 31		fill in the blank cae8970a7ffefbc_12
Cost of goods manufactured		$fill in the blank cae8970a7ffefbc_13

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a. Add direct materials, direct labor, and overhead to the beginning work in process. Subtract the ending work in process.

b. For May, using the data given, prepare a statement of Cost of Goods Sold.

Princeton 3 Company
Statement of Cost of Goods Sold
Finished goods inventory, May 1	$fill in the blank c01a61fbbfcff9c_2
Cost of goods manufactured	fill in the blank c01a61fbbfcff9c_4
Cost of finished goods available for sale	$fill in the blank c01a61fbbfcff9c_6
Less finished goods inventory, May 31	fill in the blank c01a61fbbfcff9c_8
Cost of goods sold	$fill in the blank c01a61fbbfcff9c_9

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