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Cost of goods manufactured and cost of goods sold The following table summarizes the beginning and ending inventories of Decatur Manufacturing, Inc., for the month of March:
Feb. 28
Mar. 31
Raw materials
$ 53,600
$ 44,160
Work in process
114,080
103,680
Finished goods
75,520
67,040
Raw materials purchased during the month of March totaled $198,240. Direct labor costs incurred totaled $499,520 for the month. Actual and applied manufacturing overhead costs for March totaled $301,440 and $307,680, respectively. Over/ underapplied overhead is written off to cost of goods sold at the end of the year in December.
Required:
a. Calculate the cost of goods manufactured for March.
b. Calculate the cost of goods sold for March.
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