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O'Reilly Manufacturing, Inc.'s cost of goods sold for the month ended July 31 was $345,000. The ending work in process inventory was 90% of the beginning work in process inventory. Factory overhead was 50% of the direct labor cost. Other information pertaining to O'Reilly's inventories and production for the month of July is as follows:
Beginning inventories, July 1:Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 20,000Work in process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40,000Finished goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102,000Purchases of direct materials during July . . . . . . . . . . . . . . . . . . . 110,000Ending inventories, July 31:Direct materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,000Work in process . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?Finished goods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105,000
Required:
1. Prepare a statement of cost of goods manufactured for the month of July.
2. Prepare a schedule to compute the prime cost incurred during July.
3. Prepare a schedule to compute the conversion cost charged to Work in Process during July.
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