Prepare a statement of cost of goods manufactured.

ABC Manufacturing

Statement of Cost of Goods Manufactured

For the Month Ended August $31,20--$

Materials:

Inventory $8/1$ $

Purchases

Total Cost of Available Materials $

Less Inventory $8/31$

Cost of Materials Used $

Less Indirect Materials

Cost of Direct Materials in Production $

Direct labor

Factory overhead:

Indirect Materials $

Indirect Labor

Other

Total Factory Overhead $11,500$

Total manufacturing cost $

Add WIP Inventory $8/1$

$

Less WIP Inventory $8/31$

Cost of goods manufactured $

Determine the cost of goods sold for the month.

Cost of goods sold:

$

$

$

The following data was taken from the records of ABC Manufacturing at August $31$:

Sales $$50,000$

Materials inventory $($August $1)15,000$

Work in process inventory $($August $1)20,000$

Finished goods inventory $($August $1)28,000$

Materials purchased $21,000$

Direct labor cost $12,500$

Factory overhead $($including $$5,000$ of indirect materials used and $$2,500$ of indirect labor cost$)$

$11,500$

Selling and administrative expense $8,000$

Inventories at August $31$:

Materials $16,000$

Work in process $18,000$

Finished goods $30,000$

REQUIRED: Prepare a statement of Cost of Goods Manufactured for August $31,20$xx$.$ Then determine the Cost of Goods Sold for the month.