Vaughn Manufacturing's accounting records reflect the following inventories: Dec. 31, 2019 Dec. 31, 2020 Raw materials...
Vaughn Manufacturing's accounting records reflect the following inventories:
| Dec. 31, 2019 | Dec. 31, 2020 | ||
| Raw materials inventory | $150000 | $ 100000 | |
| Work in process inventory | 266000 | 284000 | |
| Finished goods inventory | 260000 | 248000 |
During 2020, Vaughn purchased $910000 of raw materials, incurred
direct labor costs of $175000, and incurred manufacturing overhead
totaling $224000.
How much would Vaughn Manufacturing report as cost of goods
manufactured for 2020?
I am coming up with $1,359,000, however, that is NOT one of the multiple choice answers. Please help.
Thank you!
Homework Answers
Direct material used = Beginning + Purchase - Ending
= $150,000 + $910,000 - $100,000
= $960,000
Cost of goods manufactured = Direct material used + Direct labour + Manufacturing overhead + Beginning work in process - Ending work in process
= $960,000 + $175,000 + $224,000 + $266,000 - $284,000
= $1,341,000
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