Reference no: EM133067786
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.
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