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  3. the following data have been taken from the accoun

The following data have been taken from the accounting records of Graham Corporation for the...

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Accounting

The following data have been taken from the accounting records of Graham Corporation for the year ended December 31, 2018.

Total manufacturing overhead costs incurred

$338,000

Manufacturing overhead applied to Work in

Process

345,000

Purchases of raw materials

235,000

Direct labor

135,000

Raw materials inventory - January 1, 2018

10,000

Raw materials inventory - December 31, 2018

15,000

Work in process inventory - January 1, 2018

20,000

Work in process inventory - December 31, 2018

35,000

Finished goods inventory January 1, 2018

75,000

Finished goods inventory December 31, 2018

90,000

  1. Prepare a Schedule of Cost of Goods Manufactured for the year.
  2. Prepare a Schedule of Cost of Goods Sold for the year.

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