The following data have been taken from the accounting records of Graham Corporation for the...
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Accounting
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 |
|
|
|
|
- Prepare a Schedule of Cost of Goods Manufactured for the year.
- Prepare a Schedule of Cost of Goods Sold for the year.
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