The following are beginning and ending inventories of ABC Company for the month of May:
$$\begin{array} { l r r }
& \text { April 30 } & \text { May 31 } \
\text { Raw materials } & \$ 50,300 & \$ 41,400 \
\text { Work-in-process } & 106,900 & 97,200 \
\text { Finished goods } & 70,800 & 62,800
\end{array}$$
Raw materials purchased during the month of May totaled $185,900.Direct labor costs incurred totaled $468,300 for the month.Actual and applied manufacturing overhead costs for May totaled $282,600 and $288,400, respectively.Over/underapplied overhead is written off to cost of goods sold at the end of the year in December.
(a)Calculate the cost of goods manufactured for May.
(b)Calculate the cost of goods sold for May.

Question

The following are beginning and ending inventories of ABC Company for the month of May:
 $$\begin{array} { l r r } 
& \text { April 30 } & \text { May 31 } \
\text { Raw materials } & \$ 50,300 & \$ 41,400 \
\text { Work-in-process } & 106,900 & 97,200 \
\text { Finished goods } & 70,800 & 62,800
\end{array}$$
 Raw materials purchased during the month of May totaled $185,900.Direct labor costs incurred totaled $468,300 for the month.Actual and applied manufacturing overhead costs for May totaled $282,600 and $288,400, respectively.Over/underapplied overhead is written off to cost of goods sold at the end of the year in December.
(a)Calculate the cost of goods manufactured for May.
(b)Calculate the cost of goods sold for May.

Quizplus · Accepted Answer

The Answer of The following are beginning and ending inventories of ABC Company for the month of May:
 $$\begin{array} { l r r } 
& \text { April 30 } & \text { May 31 } \
\text { Raw materials } & \$ 50,300 & \$ 41,400 \
\text { Work-in-process } & 106,900 & 97,200 \
\text { Finished goods } & 70,800 & 62,800
\end{array}$$
 Raw materials purchased during the month of May totaled $185,900.Direct labor costs incurred totaled $468,300 for the month.Actual and applied manufacturing overhead costs for May totaled $282,600 and $288,400, respectively.Over/underapplied overhead is written off to cost of goods sold at the end of the year in December.
(a)Calculate the cost of goods manufactured for May.
(b)Calculate the cost of goods sold for May.

The Following Are Beginning and Ending Inventories of ABC Company