Cost of Goods Sold, Cost of Goods Manufactured Woodfall Company has the following information for June: Costs Type Amount Cost of direct materials used in production $60,000 Direct labor 65,000 Factory overhead 25,000 Work in process inventory, June 1 54,000 Work in process inventory, June 30 55,000 Finished goods inventory, June 1 28,000 Finished goods inventory, June 30 19,000 Question Content Area a. For June, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Woodfall CompanyStatement of Cost of Goods Manufactured Costs Type Amount Amount $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred in June Total manufacturing costs incurred in June Total manufacturing costs $Total manufacturing costs - Select - Cost of goods manufactured $Cost of goods manufactured Question Content Area b. For June, determine the cost of goods sold. Using the data given, prepare a statement of Cost of Goods Sold. Woodfall CompanyStatement of Cost of Goods Sold Costs Type Amount $- Select - - Select - $- Select - - Select - Cost of goods sold $Cost of goods sold
Cost of Goods Sold, Cost of Goods Manufactured Woodfall Company has the following information for June: Costs Type Amount Cost of direct materials used in production $60,000 Direct labor 65,000 Factory overhead 25,000 Work in process inventory, June 1 54,000 Work in process inventory, June 30 55,000 Finished goods inventory, June 1 28,000 Finished goods inventory, June 30 19,000 Question Content Area a. For June, determine the cost of goods manufactured. Using the data given, prepare a statement of Cost of Goods Manufactured. Woodfall CompanyStatement of Cost of Goods Manufactured Costs Type Amount Amount $- Select - $- Select - - Select - - Select - Total manufacturing costs incurred in June Total manufacturing costs incurred in June Total manufacturing costs $Total manufacturing costs - Select - Cost of goods manufactured $Cost of goods manufactured Question Content Area b. For June, determine the cost of goods sold. Using the data given, prepare a statement of Cost of Goods Sold. Woodfall CompanyStatement of Cost of Goods Sold Costs Type Amount $- Select - - Select - $- Select - - Select - Cost of goods sold $Cost of goods sold
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Cost of Goods Sold, Cost of Goods Manufactured
Woodfall Company has the following information for June:
| Costs Type | Amount | |
|---|---|---|
| Cost of direct materials used in production | $60,000 | |
| Direct labor | 65,000 | |
| Factory |
25,000 | |
| Work in process inventory, June 1 | 54,000 | |
| Work in process inventory, June 30 | 55,000 | |
| Finished goods inventory, June 1 | 28,000 | |
| Finished goods inventory, June 30 | 19,000 |
Question Content Area
a. For June, determine the cost of goods manufactured.
Using the data given, prepare a statement of Cost of Goods Manufactured.
| Costs Type | Amount | Amount |
|---|---|---|
|
|
$- Select - | |
|
|
$- Select - | |
|
|
- Select - | |
|
|
- Select - | |
| Total manufacturing costs incurred in June | Total manufacturing costs incurred in June | |
| Total manufacturing costs | $Total manufacturing costs | |
|
|
- Select - | |
| Cost of goods manufactured | $Cost of goods manufactured | |
Question Content Area
b. For June, determine the cost of goods sold.
Using the data given, prepare a statement of Cost of Goods Sold.
| Costs Type | Amount |
|---|---|
|
|
$- Select - |
|
|
- Select - |
|
|
$- Select - |
|
|
- Select - |
| Cost of goods sold | $Cost of goods sold |
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