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August 2010 inventory and cost data for Petersham Company are as follows:
Direct labor
$182,400
Direct material purchased
196,300
Direct material used
195,800
Selling and administrative expenses
171,200
Factory overhead
205,700
8/1/10
8/31/10
Direct material
$12,300
$ ?
WIP
25,900
33,300
Finished goods
62,700
55,500
a. Compute the inventory value for direct materials at August 31, 2010.
b. Compute total product costs for August 2010.
c. Prepare a schedule of cost of goods manufactured for August 2010.
d. Compute cost of goods sold for August 2010.
e. Prepare an income statement for August 2010. Assume that Petersham's income tax rate is 40 percent. Sales for August 2010 were $985,000.
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