Using $2,419,000 as the total manufacturing costs, compute the cost of goods man
ID: 2505170 • Letter: U
Question
Using $2,419,000 as the total manufacturing costs, compute the cost of goods manufactured using the following information.
Raw materials inventory, January 1
$ 29,800
Raw materials inventory, December 31
36,100
Work in process, January 1
22,000
Work in process, December 31
28,100
Finished goods, January 1
45,000
Finished goods, December 31
37,300
Raw materials purchases
1,177,500
Direct labor
437,000
Factory utilities
143,000
Indirect labor
70,300
Factory depreciation
200,000
Operating expenses
346,000
Raw materials inventory, January 1
$ 29,800
Raw materials inventory, December 31
36,100
Work in process, January 1
22,000
Work in process, December 31
28,100
Finished goods, January 1
45,000
Finished goods, December 31
37,300
Raw materials purchases
1,177,500
Direct labor
437,000
Factory utilities
143,000
Indirect labor
70,300
Factory depreciation
200,000
Operating expenses
346,000
Explanation / Answer
The schedules of cost of goods manufactured. Total Manufacturing Cost $ 2,419,000 Beginning Work in process Inventory $ 22,000 $ 2,441,000 Less: Ending Work in process Inventory $ 28,100 Cost of Good Manufactured $ 2,412,900
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