What is and How to prepare Statement of Cost of Goods Sold?

PROBLEMS on  Statement of Cost of Goods Sold

Statement of Cost of Goods Sold. The records of the Renata Manufacturing Company for the six months ended June 30, 19B provided the following data:

Inventories                                         Dec, 31, 19A                       June 30, 19B

Raw materials                                     $117,000                              $41,600

Factory supplies                                 320                                         560

Work in process                                 30,400                                   51,380

Finished goods                                   113,500                                 121,300

Other Data:

Direct labor                                         $101,000

Depreciation — machinery                  $ 3,800

Indirect labor                                      6,900

Depreciation— factory building           1,1 00

Power and light                                  3,200

Tool expenses                                    1,645

Heat                                                  1,750

Factory supplies purchased                3,100

Fire insurance      600      Raw materials purchased     314,000

Superintendence 11,200 Compensation insurance       1,900

Required: A statement of cost of goods manufactured and sold for the six months with a separate schedule for factory overhead and a calculation of the over- or under applied factory overhead. The company applies factory overhead based on 35% of direct labor cost.