P2-1 Orange Company showed the following information as of June 1, 2015: Raw materials inventory Goods in process inventory Finished goods P 320,000 400,000 350,000 During the month of June, the following were incurred: Materials purchased P 170,000 Materials used 200,000 Direct labor 400,000 Factory overhead 210,000 After reviewing the quantities on hand, ending inventories were: Goods in process inventory P 280,000 Finished goods 430,000 Required: Calculate the following: Raw materials inventory as of June 30, 2015 a. b. Total goods manufactured during the month C. Goods available for sale d. Cost of goods sold

P2-1 Orange Company showed the following information as of June 1, 2015: Raw materials inventory Goods in process inventory Finished goods P 320,000 400,000 350,000 During the month of June, the following were incurred: Materials purchased P 170,000 Materials used 200,000 Direct labor 400,000 Factory overhead 210,000 After reviewing the quantities on hand, ending inventories were: Goods in process inventory P 280,000 Finished goods 430,000 Required: Calculate the following: Raw materials inventory as of June 30, 2015 a. b. Total goods manufactured during the month C. Goods available for sale d. 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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Cost of Goods Manufactured and 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 Work-in-process inventory Finished goods inventory 56,500 During June, direct labor cost was $145,500, direct materials purchases were $339,500, and the total overhead cost was $367,800. The inventories at the end of June were: Direct materials inventory Work-in-process inventory Finished goods inventory Required: Direct materials: 1. Prepare a cost of goods manufactured statement for June. LeMans Company Statement of Cost of Goods Manufactured For the Month of June Beginning inventory Materials available Total manufacturing costs added Direct materials used in production Cost of goods manufactured $62,800 31,700 $63,400 35,300 51,900 Sold For the Month of June 2. Prepare a cost of goods sold schedule for June. LeMans Company Statement of Cost of Goods Cost of goods sold
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1. JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory Р320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 What is the raw materials inventory as of June 30, 2020? 2. .JYD Manufacturing Company showed the following information as of June 1, 2020; Raw materials inventory Work in process inventory Finished goods inventory Р320,000 400,000 350,000 During the month of June, the following were incurred Materials purchased P170,000 200,000 Materials used Direct labor 400.000 Factory Overhead After reviewing the quantities on hand, ending inventories were: 210,000 Work in process inventory Finished goods inventory 280,000 430,000 What is…
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