The following table summarizes the beginning and ending inventories of Sears Co. For the month of Octobe
The following table summarizes the beginning and ending inventories of Sears Co. For the month of October:
Sept. 30 Oct. 31
Raw Materials $ 29, 700 $31,000
Work-in-process 65,800 61,000
Finished process 52,700 46,200
Raw materials purchased during the month of October totaled $112,300. Direct labor costs incurred totaled $234,800 for the month. Actual and applied manufacturing overhead costs for October totaled $145,100 and $149,400, respectively.
1) Calculate the cost of goods manufactured for October.
2) Calculate the cost of goods sold for October (ignore under/overapplied overhead)
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