At May 31, 2020, the account of Vaugh Company show the following. 1. May 1 Inventories-finished goods $14,300, work in process $15,100 and raw materials $8,900. 2. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600. 3. Debit posting to work in process were direct materials $62,800, direct labor $53,100, and manufacturing overhead applied $42,300. (Assume that overhead applied was equal to overhead incurred) 4. Sales revenue totaled $216,200 Prepare a condensed cost of goods manufactured schedule.
At May 31, 2020, the account of Vaugh Company show the following.
1. May 1 Inventories-finished goods $14,300, work in process $15,100 and raw materials $8,900.
2. May 31 inventories-finished goods $9,600, work in process $16,100, and raw materials $7,600.
3. Debit posting to work in process were direct materials $62,800, direct labor $53,100, and manufacturing
4. Sales revenue totaled $216,200
Prepare a condensed cost of goods manufactured schedule.
Lets understand the basics.
Cost of goods manufactured tables show the how much cost is incurred to manufacture goods.
Cost of manufactured incldues cost like direct material, direct labor, overhead etc. Adjustment is needed of opening and closing WIP to get the cost of manufacturing.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
