Statement of cost of goods manufactured for a manufacturing company Cost data for Bedford Manufacturing Company for the month ending May 31, 2012, are as follows:
|
Inventories |
1 May |
31 May |
|
Materials |
$168,000 |
$139,000 |
|
Work in process |
240,000 |
260,000 |
|
Finished goods |
182,000 |
214,200 |
|
Direct labor |
$475,000 |
|
|
Materials purchased during May |
302,000 |
|
|
Factory overhead incurred during May: |
||
|
Indirect labor |
57,200 |
|
|
Machinery depreciation |
36,000 |
|
|
Heat, light, and power |
13,000 |
|
|
Supplies |
10,000 |
|
|
Property taxes |
9,800 |
|
|
Miscellaneous cost |
18,200 |
a. Prepare a cost of goods manufactured statement for May 2012.
b. Determine the cost of goods sold for May 2012.