Blossom Limited is a company that manufactures planters. On January 1, the Work-In-Process Inventory account had...
Blossom Limited is a company that manufactures planters. On January 1, the Work-In-Process Inventory account had a balance of $4,000. At the end of the year, the Work-In-Process Inventory account had a balance of $3,000. In 2019, Blossom Limited had the following information regarding their production costs. What is the company's cost of goods manufactured?
| Prime Cost | 68,000 |
| Direct Material | 24,000 |
| MOH Allocated | 58,000 |
| MOH Actual | 55,000 |
Homework Answers
| Direct materials | 24,000 |
| Direct labor | 44,000 |
| MOH Allocated | 58,000 |
| Total manufacturing costs | 126,000 |
| Work-In-Process, beginning | 4,000 |
| Work-In-Process, ending | - 3,000 |
| cost of goods manufactured | $127,000 |
Prime cost = Direct materials + Direct labor
68,000 = 24,000 + Direct labor
Direct labor = $44,000
company's cost of goods manufactured = $127,000
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