Schedules of Cost of Goods Manufactured and Cost of Goods Sold
Parmitan Corporation has provided the following data concerning last month's manufacturing operations.
Purchases of raw materials | $53,000 |
Indirect materials included in manufacturing overhead | $8,000 |
Direct labor | $62,000 |
Manufacturing overhead applied to. work in process | $41,000 |
Underapplied overhead | $8,000 |
| Beginning | Ending |
Inventories: | ||
Raw materials | $24,000 | $6,000 |
Work in process | $41,000 | $38,000 |
Finished goods | $86,000 | $93,000 |
Required:
1. Prepare a schedule of cost of goods manufactured for the month.
2. Prepare a schedule of cost of goods sold for the month.
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