COST OF GOODS MANUFACTURED AND SOLD
Favourite Brands Company produces condensed soups at its Red Deer plant. At the beginning of June, the following information was supplied by its accountant:
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Direct Materials Inventory
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$ 34,800
|
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Work in Process Inventory
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24,500
|
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Finished goods Inventory
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46,000
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During June, direct labour cost was $78,000, direct materials purchases were $346,000, and the total overhead cost was $380,600. The inventories at the end of June were:
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Direct Materials Inventory
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$ 56,000
|
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Work in Process Inventory
|
37,500
|
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Finished goods Inventory
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56,000
|
Required:
1. Prepare a cost of goods manufactured statement for June.
2. Prepare a cost of goods sold schedule for June.