Question

Question 2 (7 points)

Baltimore Manufacturing had a Work in Process balance of $95,000 on January 1, 2018. The year end balance of Work in Process was $53,000 and the Cost of Goods Manufactured was $510,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round dollar values & enter as whole dollars only.)

Your Answer:

Question 2 options:

Answer

Answer 1

Answer

Opening Inventory + Total Manufacturing cost incurred during the year (-) Closing Inventory =Cost of goods Manufactured

all information in question is given other than Total Manufacturing cost incurred during the year

Therefore we have to Put all Other in above formula

$95,000+ Total Manufacturing cost incurred during the year- $53,000=$510,000

$($95000-$53000) + Total Manufacturing cost incurred during the year=$510,000

$42,000 + Total Manufacturing cost incurred during the year=$510,000

Total Manufacturing cost incurred during the year=$510,000 (-)$42,000

Total Manufacturing cost incurred during the year=$468,000

Note:- Cost of goods Manufactured includes Material cost Labor cost and manufacturing overheads Incurred during the year.

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