During August, Radio Companys purchases of direct materials totaled $139,000; direct labor for the month was 3,400
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During August, Radio Company’s purchases of direct materials totaled $139,000; direct labor for the month was 3,400 hours at $8.75 per hour. Radio also incurred the following overhead costs: utilities, $5,870; supervision, $16,600; indirect materials, $6,750; depreciation, $6,200; insurance, $1,830; and miscellaneous, $1,100.
Beginning inventory accounts were as follows: Material inventory, $48,600; Work in Process Inventory, $54,250; and Finished Goods Inventory, $38,500. Ending inventory accounts were as follows: Materials Inventory, $50,100; Work in process inventory, $48,400; and Finished Goods Inventory, $37,450.
From the information given, prepare a statement of cost of goods manufactured.
The ending inventory is the amount of inventory that a business is required to present on its balance sheet. It can be calculated using the ending inventory formula Ending Inventory Formula =...
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