Cost of goods manufactured | Beginning work in process inventory + Total manufacturing costs - Ending work in process inventory | ||||||||
Total manufacturing costs | Direct materials used+Direct labor cost+Manufacturing overhead | ||||||||
Calculation of direct materials used is shown below | |||||||||
Goodrow Industries | |||||||||
Calculation of direct materials used | |||||||||
For current year | |||||||||
Beginning raw material inventory | $16,000 | ||||||||
Plus: Raw material purchased | $58,000 | ||||||||
Total raw material available for use | $74,000 | ||||||||
Less: Ending raw material inventory | $19,000 | ||||||||
Direct materials used | $55,000 | ||||||||
Calculation of cost of goods manufactured is shown below | |||||||||
Goodrow Industries | |||||||||
Calculation of cost of goods manufactured | |||||||||
For current year | |||||||||
Beginning work in process inventory (a) | $30,000 | ||||||||
Add: Manufacturing costs | |||||||||
Direct materials used | $55,000 | ||||||||
Direct labor costs | $133,000 | ||||||||
Manufacturing overhead | $154,000 | ||||||||
Total manufacturing costs (b) | $342,000 | ||||||||
Less: Ending work in process inventory (c) | $21,000 | ||||||||
Cost of goods manufactured (a+b-c) | $351,000 | ||||||||
Question Help Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. Goodrow's accounting records...
Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. Goodrow's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $15,000 and an ending balance of $13,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $116,000, while manufacturing overhead amounted to $162,000. The Work in Process Inventory account had a beginning balance of $24,000 and an ending balance of $23,000. Assume that Raw Materials Inventory...
Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. Goodrow's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $15,000 and an ending balance of $13,000. During the year, the company purchased $55,000 of direct materials. Direct labor for the year totaled $116,000, while manufacturing overhead amounted to $162,000. The Work in Process Inventory account had a beginning balance of $24,000 and an ending balance of $23,000. Assume that Raw Materials Inventory...
$26,000 and $66,000 is incorrect Goodrow Industries is calculating its Cost of Goods Manufactured at year-end. Goodrow's accounting records show the following: The Raw Materials inventory account had a beginning balance of $16,000 and an ending balance of $19,000. During the year, the company purchased 558,000 of direct materials. Direct labor for the year totaled $133,000, while manufacturing overhead amounted to $154,000. The Work in Process Inventory account had a beginning balance of $30,000 and an ending balance of $21,000....
Donnyelle Industries is calculating its Cost of Goods Manufactured at year-end. Donnyelle's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $18,000 and an ending balance of $21,000. During the year, the company purchased $58,000 of direct materials. Direct labor for the year totaled $116,000, while manufacturing overhead amounted to 5163,000. The Work in Process Inventory account had a beginning balance of S26,000 and an ending balance of 519,000. Assume that Raw Materials Inventory...
Erickson Industries is calculating its Cost of Goods Manufactured at year-end. Erickson's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $12,000 and an ending balance of $18,000. During the year, the company purchased $70,000 of direct materials. Direct labor for the year totaled $124,000, while manufacturing overhead amounted to $162,000. The Work in Process Inventory account had a beginning balance of $25,000 and an ending balance of $21,000. Assume that Raw Materials Inventory...
eston Help Justine Industries is calculating its Cost of Goods Manufactured at year-end. Justine's accounting records show the following. The Raw Materials Inventory account had a beginning balance of $15,000 and an ending balance of $12,000. During the year, the company purchased $59,000 of direct materials. Direct labor for the year totaled $115,000, while manufacturing overhead amounted to $155,000. The Work in Process Inventory account had a beginning balance of $30,000 and an ending balance of $21,000. Assume that Raw...
Sharpland Industries is calculating is cost of Goods Manufactured year-end Sharlas accounting records show the following: The Raw Materials Inventory account had a beginning balance of $14.000 and an ending balance of $20.000. During the year, the company purchased 554.000 of direct material Director for the year old 120.000, while manufacturing overhead amounted to $160.000. The Work In Processinentory must had a beginning balance of 534.000 and an ending balance of 517.000. Assume that Raw Materials inventory contains only direct....
Sharland industries is calculating cost of goods manufacturered at year end. Sharpland's accounting records show the following. The raw materials inventory account had a beggining balance of $20,000 an ending balance of $14,000. During the year the company purchased $68,000 of directing materials. Direct labor for first step is to calculate the direct materials used in during the year please provide full answer Direct labor the year 127,000 while manufacturing overhead amounted 161,000 The work in process inventory account had...
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List: Beginning raw materials inventory Beginning work in process inventory Cost of goods manufactured Direct labor Ending raw materials inventory Ending work in process inventory Manufacturing overhead Materials available for use Purchases of direct materials Total manufacturing costs incurred during the period Total manufacturing costs to account for Lawrence Industries is calculating its Cost of Goods Manufactured at year-end. Lawrence's accounting records show the following: The Raw Materials Inventory account had a beginning balance of $11,000 and an ending balance...