Problem:
Using the information in the table below, complete in proper form a schedule of cost of goods manufactured and sold for Pandey Manufacturing Company as of March 31, 2012.
Cost of goods manufactured and sold
The following information pertains to pandey manufacturing company for March 2012. Assume actual overhead equaled applied overhead.
Mach 1
Inventory balances
Raw Materials $125,000
Work in process 120,000
Finished goods 78,000
March 31
Inventory balances
Raw materials $85,000
Work in process 145,000
Finished goods 80,000
During March
Cost of raw materials purchased $120,000
Cost of Direct labor 100,000
Costs of manufacturing overhead 63,000
Sale revenues 350,000