The company had the following information for the month of January. Cost of direct materials used...
The company had the following information for the month of
January.
Cost of direct materials used in production $16,800
Direct labor $43,400
Factory overhead $28,000
Work in process inventory, January 1 $70,000
Work in process inventory, January 31 $74,200
Finished goods inventory, January 1 $29,400
Finished goods inventory, January 31 $33,600
For the month of January, determine (a) the costs of goods
manufactured and (b) the cost of goods sold
Homework Answers
Total manufacturing cost=Cost of direct materials used in production+Direct labor+Factory overhead
=16800+43400+28000
=$88200
Cost of goods manufactured=Beginning WIP+Total manufacturing cost-Ending WIP
=70,000+88200-74200
=$84000
Cost of goods sold=Beginning Finished goods inventory+Cost of goods manufactured-Ending Finished goods inventory
=29400+84000-33600
=$79800
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