Question

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mpute the cost of Goods Manufactured and Cost of Goods Sold for Quality Acquatic Company for the most recent year using the amounts described next. Assume that Raw Materials Inventory contains only direct materials (Click the icon to view the data) ginning raw materials inventory 20,000 73,000 Purchases of direct materials aterials available for use 93,000 34,000 Data Table Ending raw materials inventory 59000 Beginning End of of Year Year met materials used Dulate the cost of goods manufactured. Quality Acquatic Company Calculation of Cost of Goods Manufactured For Current Year ginning work in process inventory Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead manufacturing costs to account for Raw materials inventory ........$ Work in process inventory ... $ Finished goods inventory ........$ Purchases of direct materials... Direct labor ............. 20,000 $ 44.000 $ 16,000 $ $ $ $ 34,000 Insurance on plant............ 37,000 Depreciation plant building and equipment.... $ 25,000 Repairs and maintenance plant ............ 73,000 Marketing expenses 84,000 General and administrative expenses......... 42.000 Indirect labor........ .. Print Done as: Ending work in process inventory st of goods manufactured ose from any list or enter any number in the input fields and then click Check Answer

Answer 1

Calculate the cost of goods manufactured.
Quality Acquatic Company
Calculation of Cost of Goods Manufactured For Current Year
	Beginning work in process inventory	44000
Plus:	Manufacturing costs incurred
	Direct materials used	59000
	Direct labor	84000
	Manufacturing overhead	17500
	Total manufacturing costs to account for	204500
Less:	Ending work in process inventory	37000
	Cost of goods manufactured	167500