Building on the flow of costs concept, you decide to demonstrate how to calculat

Question

Building on the flow of costs concept, you decide to demonstrate how to calculate the cost of goods manufactured (COGM), using the cost info. for Nike's uniform department for March 8) Direct Labor incurred Manufacturing Overhead - Allocated/Applied Manufacturing Overhead-Actual Finished Goods Inventory, March 1 (Beginning) Finished Goods Inventory, March 31 Work-in-Process Inventory, March 1 (Beginning) Work-in-Process Inventory, March 31 Direct Materials used 42,000 16,000 18,000 6,000 2,900 9,600 1,200 26,200 Calculate the COGM, showing your work so that the employees and managers can follow along during your presentation. COGM $ er

Explanation / Answer

Cost of goods manufactured = Beginning work in process+Direct material+Direct labour+Applied overhead-Ending work in process

= 9600+26200+42000+16000-1200

Cost of goods manufactured = $92600

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