Irresistible Art produces collectible pieces of art. The company's Raw Material Inventory account includes the costs of both direct and indirect materials. Account balances for the company at the beginning and end of July follow: July 1 July 31 Raw Material Inventory $18,640 $13,920 Work in Process Inventory 29,280 24,000 Finished Goods Inventory 14,400 20,960 During the month, the company purchased $131,200 of raw material; direct material used during the period amounted to $100,800. Factory payroll costs for July were $157,600, of which 75 percent was related to direct labor. Overhead charges for depreciation, insurance, utilities, and maintenance totaled $120,000 for July. a. Prepare a schedule of cost of goods manufactured. Note: Do not use negatives signs with your answers. 29,280 Irresistible Art Schedule of Cost of Goods Manufactured For the Month Ended July 31 Beginning WIP inventory Beginning RM inventory 18,640 Raw material purchased 131,200 $ Raw material available 149,840 Less ending RM inventory 13,920 $ Raw material used 135,920 Less indirect material used 35,120 Direct material used Direct labor Overhead: Various $ 120,000 Indirect material 35,120 Indirect labor 39,400 Total cost to account for 194,520 x $ Less ending WIP inventory Cost of goods manufactured $ b. Prepare a schedule of cost of goods sold. Note: Do not use negative signs with your answers. 100,800 118,200 39,400 x 194,520 X 24,000 418,800 . Irresistible Art Schedule of Cost of Goods Sold For the Month Ended July 31 Beginning FG inventory 14,400 Cost of goods manufactured 418,800 Goods available for sale 433,200 Less ending FG inventory 20,960 $ Cost of goods sold 412,240