Sterling Company manufactures laundry detergent. At the beginning of February, the following information was supplied by its accountant:
Raw materials inventory $73,000 Work-in-process inventory 80,400 Finished goods inventory 62,000
During February, direct labor cost was $210,400, raw materials’ purchases were
$301,800, and the total overhead cost was $478,590. The inventories at the end of February were
|
Raw materials inventory |
$ 56,000 |
|
Work-in-process inventory |
103,000 |
|
Finished goods inventory |
95,240 |
Required
1. Prepare a statement of cost of goods manufactured for February.
2. Prepare a statement of cost of goods sold for February.
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