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Computing Cost of Goods Manufactured

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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

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

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The cost of goods manufactured is calculated as
Opening Work in Process Inventory + Direct ...

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