Based on the following data for a manufacturing company, compute the \"Cost of G

Question

Based on the following data for a manufacturing company, compute the "Cost of Goods Manufactured" for the month Work in Process Inventory account: Beginning of month balance End of month balance $15,000 $ 21,000 Materials costs for the month: Direct materials charged to jobs Indirect materials $128,000 $ 18,000 Labor costs for the month: Direct labor charged to jobs Indirect labor $ 87,000 $ 26,000 Manufacturing overhead costs for the month Actual costs for the month (including indirect costs) Manufacturing overhead applied to jobs $ 82,000 $ 95,000

Explanation / Answer

Cost of goods manufactured :

Direct material 128000 Direct labour 87000 Manufacturing overhead applied 95000 Total manufacturing cost 310000 Beginning work in process 15000 Total cost of work in process 325000 Less: Ending work in process -21000 Cost of goods manufactured 304000

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