Cost of Goods Manufactured and Sold LeMans Company produces specialty papers at
ID: 2332183 • Letter: C
Question
Cost of Goods Manufactured and Sold
LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, the following information was supplied by its accountant:
During June, direct labor cost was $143,000, direct materials purchases were $346,000, and the total overhead cost was $375,800. The inventories at the end of June were:
Required:
1. Prepare a cost of goods manufactured statement for June.
LeMans Company
Statement of Cost of Goods Manufactured
For the Month of June
Direct materials:
$
Materials available
$
Direct materials used in production
$
Total manufacturing costs added
$
Cost of goods manufactured
$
2. Prepare a cost of goods sold schedule for June.
LeMans Company
Statement of Cost of Goods Sold
For the Month of June
$
$
Cost of goods sold
$
Hide1. Prepare a cost of goods manufactured statement for June.
LeMans Company
Statement of Cost of Goods Manufactured
For the Month of June
Direct materials:
$
Materials available
$
Direct materials used in production
$
Total manufacturing costs added
$
Cost of goods manufactured
$
Explanation / Answer
Cost of goods mnaufactured Direct materials Beginning direct materials inventory 62,400 Add:Direct materials purchases 346,000 Materials available 408,400 less:ending direct materials inventory 63,000 Direct materials used in production 345,400 Direct labor 143,000 Manufacturing overhead 375,800 Total manufacturing cost added 864,200 Add:Beginning Work in process 33,900 Less:Ending Work in process 37,500 Cost of goods manufactured 860,600 Statement of Cost of Goods sold Beginning finished goods inventory 55,600 Add:Cost of goods manufactured 860,600 cost of goods available for sale 916,200 Ending finished goods inventory 50,800 Cost of goods sold 865,400