Homework Answers
Answer
Cost of goods manufactured is $552,000.
Explanation
Cost of goods manufactured (COGM) is computed using the equation given below:
COGM = Opening raw material + Purchases - Closing raw material + Direct labor + Depreciation + Insurance on plant + Repair & Maintenance + Indirect labor + Opening work in process - Closing work in process
= $40,000 + $200,000 - $19,000 + $200,000 + $20,000 + $15,000 + $10,000 + $66,000 + $90,000 - $70,000
= $552,000
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