The analysis of accounts of Chamberlin Manufacturing reveals the given 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. Suppose that all the raw materials used were direct materials.
Instructions:
a) Make 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.