The analysis of accounts of Chamberlin Manufacturing reveals the given manufacturing cost data for the month ended June 30, 2008.
Inventories Beginning Ending
Raw materials $9,000 $13,100
Work in process 5,000 7,000
Finished goods 9,000 6,000
Costs incurred: Raw material vends $54,000, direct labor $57,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500, factory insurance $4,000, machinery depreciation $4,000, machinery repairs $1,800, factory utilities $3,100, miscellaneous factory costs $1,500. Suppose that all the raw materials used were direct materials.
a) Make the cost of goods manufactured schedule for the month ended June 30, 2008.
b) Describe the presentation of the ending inventories on the June 30, 2008, balance sheet.