Cost of goods manufactured and cost of goods sold The following tablesummarizes the beginning and ending inventories of Decatur Manufacturing, Inc., for the month of March: Feb. 28 Mar. 31Raw materials . . . . . . . . . . . . . . . . . . . . . . . $ 53,600 $ 44,160Work in process . . . . . . . . . . . . . . . . . . . . . 114,080 103,680Finished goods . . . . . . . . . . . . . . . . . . . . . . 75,520 67,040Raw materials purchased during the month of March totaled $198,240. Direct labor costs incurred totaled $499,520 for the month. Actual and applied manufacturing overhead costs for March totaled $301,440 and $307,680, respectively. Over/ underapplied overhead is written off to cost of goods sold at the end of the year in December.Required:a. Calculate the cost of goods manufactured for March.b. Calculate the cost of goods sold for March.
Cost of goods
summarizes the beginning and ending inventories of Decatur Manufacturing, Inc., for the month of March: Feb. 28 Mar. 31
Raw materials . . . . . . . . . . . . . . . . . . . . . . . $ 53,600 $ 44,160
Work in process . . . . . . . . . . . . . . . . . . . . . 114,080 103,680
Finished goods . . . . . . . . . . . . . . . . . . . . . . 75,520 67,040
Raw materials purchased during the month of March totaled $198,240. Direct labor costs incurred totaled $499,520 for the month. Actual and applied manufacturing
Required:
a. Calculate the cost of goods manufactured for March.
b. Calculate the cost of goods sold for March.
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