Cost of goods manufactured and cost of goods sold The following table summarizes the beginning and ending inventories of Decatur Manufacturing, Inc., for the month of March:
|
Feb. 28 |
Mar. 31 |
|
|
Raw materials |
$ 53,600 |
$ 44,160 |
|
Work in process |
114,080 |
103,680 |
|
Finished goods |
75,520 |
67,040 |
Raw materials purchased during the month of March totaled $198,240. Direct labor costs incurred totaled $499,520 for the month. Actual and applied manufacturing overhead costs for March totaled $301,440 and $307,680, respectively. Over/ underapplied overhead is written off to cost of goods sold at the end of the year in December.
Required:
a. Calculate the cost of goods manufactured for March.
b. Calculate the cost of goods sold for March.