Question

Real Clear Politics Assignment-Module 1 14,200,000 $1,600,000 Question 6 2 pts Regency Inc. has $50,000 of ending finished goods inventory as of December 31, 2020. If beginning finished goods inventory was $15,000 and cost of goods sold was $30,000, how much would Magnolia report for cost of goods manufactured? $100,000 $5,000 $65,000 $75,000 2 pts

Answer 1

Solution 6

Cost of Goods Sold = Opening Cost of Finished Goods + Cost of Goods Manufactured - Closing Cost of Finished Goods

Let say Cost of Goods manufactures is X, then putting the given figures in formula:

30000 = 15000 + X - 50000

X = 65000

Cost of Goods Manufactured = $65000

Solution 10

Raw Material Used = Opening Raw Material + Purchases - Closing Raw Material

Let say Cost of Purchases is X, then putting the given figures in formula:

375000=95000 + X -110000

X = 390000

Cost of Raw Material Purchases =$390000

Solution 14

Work in Process Inventory = $14000

Manuf. OH = $4000

Labor Cost = $5000 (4000/80%)

Direct Materials = $ 6000 (14000-4000-5000)

Solution

Amount transferred to Finished Goods is:

$1500000

(600000+500000+400000)