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:

Direct materials inventory $62,800

Work-in-process inventory 29,600

Finished goods inventory 58,700

During June, direct labor cost was $138,000, direct materials purchases were $342,000, and the total overhead cost was $379,800. The inventories at the end of June were:

Direct materials inventory $63,400

Work-in-process inventory 33,200

Finished goods inventory 54,100

. 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 manufactured	$
Add: Beginning finished goods inventory $
Cost of goods available for sale	$
Less: Ending finished goods inventory $
Cost of goods sold    $

Answer 1

Schedule of cost of goods manufactured :

Beginning raw material inventory	62800
raw material purchase	342000
Less: ending raw material inventory	(63400)
Direct material used		341400
Direct labour		138000
Overhead cost		379800
Total manufacturing cost		859200
Beginning work in process		29600
Less; Ending work in process		(33200)
Cost of goods manufactured		855600

Prepare a cost of goods sold schedule for June.

Cost of goods manufactured	855600
Add: Beginning finished goods inventory	58700
Cost of goods available for sale	914300
Less: Ending finished goods inventory	(54100)
Cost of goods sold	860200