Gustavo machinery uses a job cost system. The company provides the following inf

Question

Gustavo machinery uses a job cost system. The company provides the following info related to the WIP account for the current month.
Beginning balance WIP 25,000 DM used 28,000 DL incurred 20,000 Manufacturing overhead applied 35,000 Ending balance WIP 11,500
Determine cost of good sold in January Gustavo machinery uses a job cost system. The company provides the following info related to the WIP account for the current month.
Beginning balance WIP 25,000 DM used 28,000 DL incurred 20,000 Manufacturing overhead applied 35,000 Ending balance WIP 11,500
Determine cost of good sold in January
Beginning balance WIP 25,000 DM used 28,000 DL incurred 20,000 Manufacturing overhead applied 35,000 Ending balance WIP 11,500
Determine cost of good sold in January

Explanation / Answer

Solution:

Cost of goods manufactured and sold = Beginning WIP + DM used + DL incurred + Manufacturing overhead applied - Ending balance of WIP

= $25,000 + $28,000 + $20,000 + $35,000 - $11,500

= $96,500

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