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Lang Products had the following beginning and ending inventory balance for April 2009.4/1/09 4/30/09Raw Material Inventory $18,000 $20,800Work in Process Inventory 85,200 50,800Finished Goods Inventory 43,200 14,700
All raw materials are considered direct to the manufacturing process. During April, the company purchased $260,000 of raw materials. Direct labor cost for the month was $342,000; workers are paid $9.50 per hour. Overhead is applied at the rate of $12.50 for each direct labor.
Required: (a) Prepare the Schedule of cost of goods manufactured. (b) Calculate cost of Goods Sold for April 2009.
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In Whitney Houston's will, she leaves her daughter, Bobbi Kristina, 20 million dollar. Bobbi Kristina goes to Body Guard Bank where her Frank Farmer, financial adviser, recommends that she use a discount rate is five percent.
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