Cost of Goods Manufactured and Sold LeMans Company produces specialty papers at its Fox Run...
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Accounting
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 $57,800
Work-in-process inventory 28,600
Finished goods inventory 53,300
During June, direct labor cost was $132,000, direct materials purchases were $340,500, and the total overhead cost was $365,000. The inventories at the end of June were:
Direct materials inventory $58,400
Work-in-process inventory 32,200
Finished goods inventory 48,700
Required:
1.Create a cost of goods manufactured statement for June.
2.Create a cost of goods sold schedule for June.
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