Homework Answers
The cost of goods manufactured is :
- The formula for presenting the cost of goods manufactured is :
The cost of the direct materials used + The cost of the direct labor used + The cost of manufacturing overhead assigned + The cost of the beginning work-in-process inventory -(minus) The cost of the ending work-in-process inventory.
- So here,
The cost of the direct materials used = 152,000
The cost of the direct labor used = 64,000
The cost of manufacturing overhead assigned = 174,000
The cost of the beginning work-in-process inventory = 220,000
The cost of the ending work-in-process inventory = 108,000
- And The cost of goods sold is :
$152,000 + $64,000 + $174,000 + $220,000 - $108,000 = $502,000
The answer is option A. $ 502,000
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