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provided the following information for July, 20X2. July 1 Raw materials inventory Work in process inventory Finished goods inventory $40,000 $17,000 $34,000 July July 31 $36,000 $15,000 $36,000

provided the following information for July, 20X2. July 1 Raw materials inventory Work in process inventory Finished goods inventory $40,000 $17,000 $34,000 July July 31 $36,000 $15,000 $36,000

FINANCIAL ACCOUNTING
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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provided the following information for July, 20X2. Raw materials inventory Work in process inventory Finished goods inventory Sales Direct labour Manufacturing overhead Selling expenses Administrative expenses Raw materials purchased July 1 $40,000 $17,000 $34,000 July $250,000 43,000 60,000 30,000 36,000 42,000 July 31 $ 36,000 $15,000 $36,000 a) Provide, in good form, a Schedule of Cost of Goods Manufactured for the month? b) Calculate cost of goods sold for the month?
Transcribed Image Text:provided the following information for July, 20X2. Raw materials inventory Work in process inventory Finished goods inventory Sales Direct labour Manufacturing overhead Selling expenses Administrative expenses Raw materials purchased July 1 $40,000 $17,000 $34,000 July $250,000 43,000 60,000 30,000 36,000 42,000 July 31 $ 36,000 $15,000 $36,000 a) Provide, in good form, a Schedule of Cost of Goods Manufactured for the month? b) Calculate cost of goods sold for the month?
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