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The following information is from ABC Company's general ledger: Beginning and ending inventories, respectively, for raw...

The following information is from ABC Company's general ledger: Beginning and ending inventories, respectively, for raw materials were $16,000 and $20,000 and for work in process were $40,000 and $44,000. Raw material purchases and direct labor costs incurred were $72,000 each, and manufacturing overhead applied amounted to $40,000. Determine the total cost of goods manufactured during the period.

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Answer #1

Cost of goods manufactured = $176,000

Working

Schedule of Cost of Goods Manufactured
Direct Material
Raw material Inventory Beginning $ 16,000
Raw material Purchased $ 72,000
Raw material available for use $ 88,000
Less: Raw material Inventory Ending $ 20,000
Direct Material Used $ 68,000
Direct labor $ 72,000
Manufacturing overheads applied $ 40,000
Total manufacturing Cost During the month $ 180,000
Add: Work in process Beginning $ 40,000
Total Work in Process $ 220,000
Less: Work in progress Ending $ 44,000
Cost of Goods Manufactured $ 176,000
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