Question
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
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 | $64,300 |
Work-in-process inventory | 28,700 |
Finished goods inventory | 53,500 |
During June, direct labor cost was $139,500, direct materials purchases were $348,000, and the total overhead cost was $360,800. The inventories at the end of June were:
Direct materials inventory | $64,900 |
Work-in-process inventory | 32,300 |
Finished goods inventory | 48,9 |
Required:
1. Prepare a cost of goods manufactured statement for June.
Direct materials: | ||
Beginning inventory Beginning work in process Direct labor Ending inventory Ending work in process | $______ | |
Add: Direct labor Add: Ending inventory Add: Ending work in process Add: Manufacturing overhead Add: Purchases | ______ | |
Materials available | $_______ | |
Less: Beginning inventory Less: Direct labor Less: Ending inventory Less: Ending work in process Less: Manufacturing overhead | _________ | |
Direct materials used in production | $_______ | |
Beginning inventory Direct labor Ending inventory Ending work in process Purchases | _________ | |
Beginning inventory Beginning work in process Ending inventory Ending work in process Manufacturing overhead | ________ | |
Total manufacturing costs added | $_______ | |
Add: Beginning inventory Add: Beginning work in process Add: Ending inventory Add: Ending work in process Add: Manufacturing overhead | ________ | |
Less: Beginning inventory Less: Beginning work in process Less: Direct labor Less: Ending inventory Less: Ending work in process | - Select - | |
Cost of goods manufactured | $_____ |
Question Content Area
2. Prepare a cost of goods sold schedule for June.
Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory | $_____ |
Add: Beginning finished goods inventory Add: Cost of goods available for sale Add: Cost of goods manufactured Add: Cost of goods sold Add: Ending finished goods inventory | _____ |
Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory | $________ |
Less: Beginning finished goods inventory Less: Cost of goods available for sale Less: Cost of goods manufactured Less: Cost of goods sold Less: Ending finished goods inventory | _____ |
Cost of goods sold | $________ |
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