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    Prepare Cost of Goods Manufactured and Sold Schedules

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    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.

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    Solution Summary

    Given a set of figures, this solution illustrates how to compute a cost of goods manufactured schedule and a cost of goods sold schedule.