Cost of Goods Sold, Cost of Goods Manufactured

Woodfall Company has the following information for June:

Costs Type	Amount
Cost of direct materials used in production		$60,000
Direct labor		70,000
Factory overhead		28,000
Work in process inventory, June 1		45,000
Work in process inventory, June 30		41,000
Finished goods inventory, June 1		30,000
Finished goods inventory, June 30		23,000

Question Content Area

a. For June, determine the cost of goods manufactured.

Using the data given, prepare a statement of Cost of Goods Manufactured.

Costs Type	Amount	Amount
Direct laborFactory overheadFinished goods inventory, June 30Work in process inventory, June 1Work in process inventory, June 30		$- Select -
Cost of direct materials used in productionCost of goods manufacturedFinished goods inventory, June 30Work in process inventory, June 1Work in process inventory, June 30	$- Select -
Direct laborFinished goods inventory, June 1Finished goods inventory, June 30Work in process inventory, June 1Work in process inventory, June 30	- Select -
Cost of finished goods available for saleFactory overheadFinished goods inventory, June 30Work in process inventory, June 1Work in process inventory, June 30	- Select -
Total manufacturing costs incurred in June		Total manufacturing costs incurred in June
Total manufacturing costs		$Total manufacturing costs
Direct laborFactory overheadFinished goods inventory, June 30Work in process inventory, June 1Work in process inventory, June 30		- Select -
Cost of goods manufactured		$Cost of goods manufactured

Question Content Area

b. For June, determine the cost of goods sold.

Using the data given, prepare a statement of Cost of Goods Sold.

Costs Type	Amount
Cost of goods available for saleFinished goods inventory, June 1Finished goods inventory, June 30Work in process inventory, June 1Work in process inventory, June 30	$- Select -
Cost of goods available for saleCost of goods manufacturedFactory overheadFinished goods inventory, June 30Work in process inventory, June 30	- Select -
Cost of direct materialsCost of finished goods available for saleDirect laborFinished goods inventory, June 30Work in process inventory, June 30	$- Select -
Cost of goods available for saleCost of goods manufacturedFinished goods inventory, June 1Finished goods inventory, June 30Work in process inventory, June 30	- Select -
Cost of goods sold	$Cost of goods sold