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Peters, Inc. manufactures homework machines. It uses an actual costing system. Peter's keeps a 'Supplies' account for it's indirect materials. During June, Peter's transactions and
Peters, Inc. manufactures homework machines. It uses an actual costing system. Peter's keeps a 'Supplies' account for it's indirect materials. During June, Peter's transactions and accounts included the following: Finished goods inventory, ending $11,600 Sales $324,000 12,300 Direct labor cost 72,400 Finished goods inventory, beginning 3,200 Direct materials purchased 178,000 Indirect materials issued to production General administrative expenses 9,400 Work in process inventory, ending 12,800 Raw materials inventory, ending 7,700 10,500 Work in process inventory, beginning Raw materials inventory, beginning 5,100 56,100 Total manufacturing overhead incurred A. How much is cost of goods manufactured? B. Calculate the cost of goods sold. C. How much will the company report as product costs on the June 30th balance sheet
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