Following data was taken from the general ledger and other records of Martinez Manufacturing Co. at July 31, the end of the first month of operations in the current fiscal year:

 

Sales

$50,000

Materials inventory (July 1)

15,000

Work in process inventory (July 1)

20,000

Finished goods inventory (July 1)

28,000

Materials purchased

21,000

Direct labor cost

12,500

Factory overhead (including $5,000 of indirect materials used and $2,500 of indirect labor cost)

 

11,500

Selling and administrative expense

8,000

Inventories at July 31:

 

Materials

16,000

Work in process

18,000

Finished goods

30,000

 

 

 

a.

Prepare a statement of cost of goods manufactured.

b.

Determine the cost of goods sold for the month.

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