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 $64,300 Work-in-process inventory 28,700 Finished goods inventory 53,500 During June, direct labor cost was $139,500, direct materials purchases were $348,000, and the total overhead cost was $360,800. The inventories at the end of June were: Direct materials inventory $64,900 Work-in-process inventory 32,300 Finished goods inventory 48,900 Required: 1. Prepare a cost of goods manufactured statement for June. LeMans CompanyStatement of Cost of Goods ManufacturedFor the Month of June Direct materials: Beginning inventory Beginning work in process Direct labor Ending inventory Ending work in process $______ Add: Direct labor Add: Ending inventory Add: Ending work in process Add: Manufacturing overhead Add: Purchases ______ Materials available $_______ Less: Beginning inventory Less: Direct labor Less: Ending inventory Less: Ending work in process Less: Manufacturing overhead _________ Direct materials used in production $_______ Beginning inventory Direct labor Ending inventory Ending work in process Purchases _________ Beginning inventory Beginning work in process Ending inventory Ending work in process Manufacturing overhead ________ Total manufacturing costs added $_______ Add: Beginning inventory Add: Beginning work in process Add: Ending inventory Add: Ending work in process Add: Manufacturing overhead ________ Less: Beginning inventory Less: Beginning work in process Less: Direct labor Less: Ending inventory Less: Ending work in process _____ Cost of goods manufactured $_____ Question Content Area 2. Prepare a cost of goods sold schedule for June. LeMans CompanyStatement of Cost of Goods SoldFor the Month of June Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory $_____ Add: Beginning finished goods inventory Add: Cost of goods available for sale Add: Cost of goods manufactured Add: Cost of goods sold Add: Ending finished goods inventory _____ Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory $________ Less: Beginning finished goods inventory Less: Cost of goods available for sale Less: Cost of goods manufactured Less: Cost of goods sold Less: Ending finished goods inventory _____ Cost of goods sold $________

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 $64,300 Work-in-process inventory 28,700 Finished goods inventory 53,500 During June, direct labor cost was $139,500, direct materials purchases were $348,000, and the total overhead cost was $360,800. The inventories at the end of June were: Direct materials inventory $64,900 Work-in-process inventory 32,300 Finished goods inventory 48,900 Required: 1. Prepare a cost of goods manufactured statement for June. LeMans CompanyStatement of Cost of Goods ManufacturedFor the Month of June Direct materials: Beginning inventory Beginning work in process Direct labor Ending inventory Ending work in process $__ Add: Direct labor Add: Ending inventory Add: Ending work in process Add: Manufacturing overhead Add: Purchases Materials available $_ Less: Beginning inventory Less: Direct labor Less: Ending inventory Less: Ending work in process Less: Manufacturing overhead _ Direct materials used in production $_ Beginning inventory Direct labor Ending inventory Ending work in process Purchases ___ Beginning inventory Beginning work in process Ending inventory Ending work in process Manufacturing overhead Total manufacturing costs added $_ Add: Beginning inventory Add: Beginning work in process Add: Ending inventory Add: Ending work in process Add: Manufacturing overhead ____ Less: Beginning inventory Less: Beginning work in process Less: Direct labor Less: Ending inventory Less: Ending work in process _ Cost of goods manufactured $_ Question Content Area 2. Prepare a cost of goods sold schedule for June. LeMans CompanyStatement of Cost of Goods SoldFor the Month of June Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory $_ Add: Beginning finished goods inventory Add: Cost of goods available for sale Add: Cost of goods manufactured Add: Cost of goods sold Add: Ending finished goods inventory _ Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory $____ Less: Beginning finished goods inventory Less: Cost of goods available for sale Less: Cost of goods manufactured Less: Cost of goods sold Less: Ending finished goods inventory _ Cost of goods sold $______

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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	$64,300
Work-in-process inventory	28,700
Finished goods inventory	53,500

During June, direct labor cost was $139,500, direct materials purchases were $348,000, and the total overhead cost was $360,800. The inventories at the end of June were:

Direct materials inventory	$64,900
Work-in-process inventory	32,300
Finished goods inventory	48,900

Required:

1. Prepare a cost of goods manufactured statement for June.

LeMans CompanyStatement of Cost of Goods ManufacturedFor the Month of June

Direct materials:
Beginning inventory Beginning work in process Direct labor Ending inventory Ending work in process	$______
Add: Direct labor Add: Ending inventory Add: Ending work in process Add: Manufacturing overhead Add: Purchases	______
Materials available	$_______
Less: Beginning inventory Less: Direct labor Less: Ending inventory Less: Ending work in process Less: Manufacturing overhead	_________
Direct materials used in production		$_______
Beginning inventory Direct labor Ending inventory Ending work in process Purchases		_________
Beginning inventory Beginning work in process Ending inventory Ending work in process Manufacturing overhead		________
Total manufacturing costs added		$_______
Add: Beginning inventory Add: Beginning work in process Add: Ending inventory Add: Ending work in process Add: Manufacturing overhead		________
Less: Beginning inventory Less: Beginning work in process Less: Direct labor Less: Ending inventory Less: Ending work in process		_____
Cost of goods manufactured		$_____

Question Content Area

2. Prepare a cost of goods sold schedule for June.

LeMans CompanyStatement of Cost of Goods SoldFor the Month of June

Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory	$_____
Add: Beginning finished goods inventory Add: Cost of goods available for sale Add: Cost of goods manufactured Add: Cost of goods sold Add: Ending finished goods inventory	_____
Beginning finished goods inventory Cost of goods available for sale Cost of goods manufactured Cost of goods sold Ending finished goods inventory	$________
Less: Beginning finished goods inventory Less: Cost of goods available for sale Less: Cost of goods manufactured Less: Cost of goods sold Less: Ending finished goods inventory	_____
Cost of goods sold	$________

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