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.