Question

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	$56,000
Work-in-process inventory	30,300
Finished goods inventory	54,800

During June, direct labor cost was $134,500, direct materials purchases were $339,500, and the total overhead cost was $369,600. The inventories at the end of June were:

Direct materials inventory	$56,600
Work-in-process inventory	33,900
Finished goods inventory	50,200

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:
Beginning inventory	$
Add: Purchases
Materials available	$
Less: Ending inventory
Direct materials used in production		$
Direct labor
Manufacturing overhead
Total manufacturing costs added		$
Add: Beginning work in process
Less: Ending work in process
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 manufactured	$
Add: Beginning finished goods inventory
Cost of goods available for sale	$
Less: Ending finished goods inventory
Cost of goods sold	$

Answer 1

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