Reference no: EM133064583

Question - The following data have been taken from the accounting records of Graham Corporation for the year ended December 31, 2018.

Total manufacturing overhead costs incurred $338,000

Manufacturing overhead applied to Work in

Process 345,000

Purchases of raw materials 235,000

Direct labor 135,000

Raw materials inventory - January 1, 2018 10,000

Raw materials inventory - December 31, 2018 15,000

Work in process inventory - January 1, 2018 20,000

Work in process inventory - December 31, 2018 35,000

Finished goods inventory - January 1, 2018 75,000

Finished goods inventory - December 31, 2018 90,000

Required -

1. Prepare a Schedule of Cost of Goods Manufactured for the year.

2. Prepare a Schedule of Cost of Goods Sold for the year.