LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, thefollowing information was supplied by its accountant: Direct materials inventory $62,400Work-in-process inventory 33,900Finished goods inventory 55,600 During June, direct labor cost was $143,000, direct materials purchases were $346,000, and thetotal overhead cost was $375,800. The inventories at the end of June were:Direct materials inventory $63,000Work-in-process inventory 37,500Finished goods inventory 50,800 Required:1. Prepare a cost of goods manufactured statement for June.2. Prepare a cost of goods sold schedule for June.
LeMans Company produces specialty papers at its Fox Run plant. At the beginning of June, thefollowing information was supplied by its accountant: Direct materials inventory $62,400Work-in-process inventory 33,900Finished goods inventory 55,600 During June, direct labor cost was $143,000, direct materials purchases were $346,000, and thetotal overhead cost was $375,800. The inventories at the end of June were:Direct materials inventory $63,000Work-in-process inventory 37,500Finished goods inventory 50,800 Required:1. Prepare a cost of goods manufactured statement for June.2. Prepare a cost of goods sold schedule for June.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $62,400
Work-in-process inventory 33,900
Finished goods inventory 55,600
During June, direct labor cost was $143,000, direct materials purchases were $346,000, and the
total
Direct materials inventory $63,000
Work-in-process inventory 37,500
Finished goods inventory 50,800
Required:
1. Prepare a cost of goods manufactured statement for June.
2. Prepare a cost of goods sold schedule for June.
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