Computing Cost of Goods Manufactured

Computing Cost of Goods Manufactured

Using the following information, compute cost of goods manufactured, which is the cost of
inventory transferred to Finished Goods Inventory.

Work-in-process inventory, beginning balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $132,425
Work-in-process inventory, ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 126,300
Direct materials costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 350,080
Direct labor costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 365,225
Actual manufacturing overhead costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 287,200
Applied manufacturing overhead costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 285,900

Solution Summary

The solution explains how to calculate the Cost of Goods Manufactured.