CGM; CGS Irresistible Art produces collectible pieces of art. The company's Raw Material Inventory account includes...

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CGM; CGS Irresistible Art produces collectible pieces of art. The company's Raw Material Inventory account includes the costs of both direct and indirect materials. Account balances for the company at the beginning and end of July follow: Raw Material Inventory Work in Process Inventory Finished Goods Inventory July 1 July 31 $205,040 $153,120 322,080 264,000 158,400 230,560 During the month, the company purchased $1,443,200 of raw material; direct material used during the period amounted to $1,108,800. Factory payroll costs for July were $1,733,600, of which 75 percent was related to direct labor. Overhead charges for depreciation, insurance, utilities, and maintenance totaled $1,320,000 for July. a. Prepare a schedule of cost of goods manufactured. Note: Do not use negatives signs with your answers. Irresistible Art Schedule of Cost of Goods Manufactured For the Month Ended July 31 Beginning WIP inventory Raw material purchased Raw material available $ Raw material used $ Direct material used Overhead: Various Indirect material Total cost to account for $ $ $ b. Prepare a schedule of cost of goods sold. Note: Do not use negative signs with your answers. Irresistible Art Schedule of Cost of Goods Sold For the Month Ended July 31 Beginning FG inventory S = Goods available for sale Cost of goods sold $ CGM; CGS Irresistible Art produces collectible pieces of art. The company's Raw Material Inventory account includes the costs of both direct and indirect materials. Account balances for the company at the beginning and end of July follow: Raw Material Inventory Work in Process Inventory Finished Goods Inventory July 1 July 31 $205,040 $153,120 322,080 264,000 158,400 230,560 During the month, the company purchased $1,443,200 of raw material; direct material used during the period amounted to $1,108,800. Factory payroll costs for July were $1,733,600, of which 75 percent was related to direct labor. Overhead charges for depreciation, insurance, utilities, and maintenance totaled $1,320,000 for July. a. Prepare a schedule of cost of goods manufactured. Note: Do not use negatives signs with your answers. Irresistible Art Schedule of Cost of Goods Manufactured For the Month Ended July 31 Beginning WIP inventory Raw material purchased Raw material available $ Raw material used $ Direct material used Overhead: Various Indirect material Total cost to account for $ $ $ b. Prepare a schedule of cost of goods sold. Note: Do not use negative signs with your answers. Irresistible Art Schedule of Cost of Goods Sold For the Month Ended July 31 Beginning FG inventory S = Goods available for sale Cost of goods sold $