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:
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Feb. 28
|
Mar. 31
|
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Raw materials
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$ 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.