Solution-Compute cost of goods sold for august 2010

Compute cost of goods sold for august 2010

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Reference no: EM13550224

August 2010 inventory and cost data for Petersham Company are as follows:

Direct labor		$182,400
Direct material purchased		196,300
Direct material used		195,800
Selling and administrative expenses		171,200
Factory overhead		205,700

	8/1/10	8/31/10
Direct material	$12,300	$ ?
WIP	25,900	33,300
Finished goods	62,700	55,500

a. Compute the inventory value for direct materials at August 31, 2010.

b. Compute total product costs for August 2010.

c. Prepare a schedule of cost of goods manufactured for August 2010.

d. Compute cost of goods sold for August 2010.

e. Prepare an income statement for August 2010. Assume that Petersham's income tax rate is 40 percent. Sales for August 2010 were $985,000.

Reference no: EM13550224

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Compute cost of goods sold for august 2010

Reference no: EM13550224

Reference no: EM13550224

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