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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 Finished goods inventory, beginning Indirect materials issued to production General administrative expenses Raw materials inventory, ending Raw materials inventory, beginning $11,600 Sales 12,300 Direct labor cost 3,200 Direct materials purchased 9,400 Work in process inventory, ending 7,700 Work in process inventory, beginning 5,100 Total manufacturing overhead incurred $324,000 72,400 178,000 12,800 10,500 56,100 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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