Cost of goods sold in perpetual inventory system

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Reference no: EM1314540

Calculation of Cost of Goods sold in Perpetual Inventory System.

The following information has been taken from the perpetual inventory system of Select Mfg. Co. for the month ended August 31:

Purchases of direct materials	$50,000
Direct materials used	40,000
Direct labor costs assigned to production	15,000
Manufacturing overhead costs incurred (and applied)	25,000

Balances in inventory	Aug 31	Aug 1
Materials	$ ?	$15,000
Work-in-Progress	55,000	37,000
Finished Goods	50,000	33,000

a. What is the cost of finished goods manufactured in August?
b. What is the cost of goods sold manufactured in August?

Reference no: EM1314540

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