An analysis of the accounts of Chamberlin Manufacturing reveals the following manufacturing cost data for the month ended June 30, 2008.
Inventories Beginning Ending
Raw materials $9,000 $13,100
Work in process 5,000 7,000
Finished goods 9,000 6,000
Costs incurred: Raw materials purchases $54,000, direct labor $57,000, manufacturing overhead $19,900. The specific overhead costs were: indirect labor $5,500, factory insurance $4,000, machinery depreciation $4,000, machinery repairs $1,800, factory utilities $3,100, miscellaneous factory costs $1,500. Assume that all raw materials used were direct materials.
Instructions:
(a) Prepare the cost of goods manufactured schedule for the month ended June 30, 2008.
(b) Show the presentation of the ending inventories on the June 30, 2008, balance sheet.
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