For July, determine (a) the cost of goods manufactured and (b) the cost of goods sold.
Cost of goods sold, cost of goods manufactured
Dandee Company has the following information for July:
Cost of direct materials used in production
$84,000
Direct labor
110,000
Factory overhead
56,000
Work in process inventory, July 1
41,000
Work in process inventory, July 31
37,000
Finished goods inventory, July 1
47,000
Finished goods inventory, July 31
34,000
For July, determine (a) the cost of goods manufactured and (b) the cost of goods sold.
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