Given the following information, solve for the Cost of Goods Manufactured for th

Question

Given the following information, solve for the Cost of Goods Manufactured for the period Ending Finished Goods Inventory, $50,000 Beginning Finished Goods Inventory, $27,000 Ending Work in process inventory, $40,000 Beginning Work in process inventory, $25,000 Raw Materials Requisitioned this period, $200,000 .Direct Labor cost for the period totaled $300,000 . Manufacturing Overhead is applied at 150% of direct labor costs Indirect materials used for the period totaled $22,000 Actual Manufacturing Overhead incurred this period $460,000 What is cost of goods manufactured for the period?

Explanation / Answer

Raw material requisitioned
200000
Less: indirect material used
22000
Direct Materal Used
178000
Add: Direct Labour Incurred
300000
Add: Manufacturing overhead applied (300000*150%)
$450000
Total Manufacturing Cost added this period
$928000
Add: Beginning Work in Progress
25000
Less: Closing WIP Inventory
40,000
Cost of Goods Manufacured
$9,13,000
?

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