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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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 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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