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 $60,200 Work-in-process inventory 36,700 Finished goods inventory 51,400 During June, direct labor cost was $131,000, direct materials purchases were $337,500, and the total overhead cost was $370,600. The inventories at the end of June were Direct materials inventory $60,800 Work-in-process inventory 40,300 Finished goods inventory 46,800

Answer 1

Lemans Company Statement of cost of Goods manufactured for the month of June Direct Materials: Beginning inventory $ 60,200 Add: Purchases $337,500 Materials available $397,700 less: Ending inventory $ 60, 800 Direct materials used in $336,900 production Direct labor $ 131,000 Manufacturing overhead $370,600 To tal manufacturing costs added $830,500 Add: Beginning work in process. $36,700 les: Ending work in process. $40,300 Cost of goods manufactured. $ 834,900 to to te Lemans company - Statement of cost of Goods sold for the mouth of June e Cost of goods manufactured Add: Beginning finished goods inventory - Cost of goods available for sale less: Ending finished goods inventory cost of goods sold $ 834,900 & S1, 400 $ 886,300 $ 46,800 1$ 839,5ool