The following data was taken from the general ledger and other records of Martinez Manufacturing Co. on July 31, the end of the first month of operations in the current fiscal year: Sales.........$50,000 Materials inventory (July 01)......15,000 Work in process inventory (July 01)..... 20,000 Finished goods inventory (July 01).......28,000 Materials purchased ...... 21,000 Direct labor.....12,500 Factory overhead (including $5,000 of indirect materials used and $2,500 of indirect labor cost).....11,500 Inventory at July 31: Materials.....16,000 Work in process.....18,000 Finish goods..... 30,000 Using the information above: a) Prepare a statement of cost of goods manufactured. b) Determine the cost of goods sold for the month.
The following data was taken from the general ledger and other records of Martinez Manufacturing Co. on July 31, the end of the first month of operations in the current fiscal year: Sales.........$50,000 Materials inventory (July 01)......15,000 Work in process inventory (July 01)..... 20,000 Finished goods inventory (July 01).......28,000 Materials purchased ...... 21,000 Direct labor.....12,500 Factory overhead (including $5,000 of indirect materials used and $2,500 of indirect labor cost).....11,500 Inventory at July 31: Materials.....16,000 Work in process.....18,000 Finish goods..... 30,000 Using the information above: a) Prepare a statement of cost of goods manufactured. b) Determine the cost of goods sold for the month.
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