Question
Compute cost of goods manufactured.
Glavine Corporation incurred the following costs while manufacturing its product. Materials used in product Depreciation on p
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Answer #1

The formula to calculate the COGM is:

Add: Direct Materials Used

Add: Direct Labor Used

Add: Manufacturing Overhead

Add: Beginning Work in Process (WIP) Inventory

Deduct: Ending Work in Process (WIP) Inventory

= COGM

Material used in product 125000
add:Deprecciation on palnt 60000
add:Factory supply used 23000
add:Labour cost of asswmbly line workers 110000
add:property tax on store 7500
add:property tax on plant 19000
add:begining work in process inventory 27000
less:ending work in process inventory 15500
cost of goods manufactored 356000

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