Homework Answers
Answer- $ 132,000
Solution-
Formula-
Cost of goods sold = Beginning Inventory of Finished Goods + Cost of goods manufactured - Ending Inventory of Finished Goods
= $ 40,000 + $137,000 - $45,000
= $ 177,000 - $ 45,000
= $ 132,000 ( Answer)
Working Note-
1- Product Cost incurred during period = Cost of Material used + Direct Labour + Factory Overheard
= 52,000 + 37,000 + 41,000
= $ 130,000
2- Cost of Goods Manufactured = Product Cost incurred during period + Beginning Balance of WIP - Ending Balance of WIP
= 130,000 + 38,000 - 31,000
= 168,000 - 31,000
= $ 137,000
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