Prepare a schedule of cost of goods manufactured for the month.
Prepare a schedule of cost of goods sold for the month.
Purchase of raw materials 30000
Indirect materials to include manufacturing overhead 5000
Direct Labor 58000
Manufacturing Overhead applied to work in process 87000
Underapplied Overhead 4000
Raw materials Beginning 12000 Ending 18000
Work in process Beginning 56000 Ending 65000
Finished Goods Beginning 35000 Ending 42000.
Given a set of figures, this solution illustrates how to compute a cost of goods manufactured schedule and a cost of goods sold schedule.