Hendrix & Franks Company had the following beginning and
ending inventory balances for the current year ended December
31:
|
January 1 |
December 31 |
Materials |
$11,000 |
$ 8,800 |
Work in Process |
19,800 |
18,700 |
Finished Goods |
23,100 |
18,150 |
In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods manufactured for the year?
a. |
$100,000 |
|
b. |
$124,000 |
|
c. |
$101,000 |
|
d. |
$112,200 |
Schedule of Cost of goods manufactured
Direct materials: |
|
Beginning raw material inventory |
11,000 |
Add: Purchases of raw material |
29,700 |
Total raw materials available |
40,700 |
Less: Ending raw materials inventory |
- 8,800 |
Raw materials used in production |
31,900 |
Direct labor |
33,000 |
Manufacturing overhead |
46,200 |
Total manufacturing cost |
111,100 |
Add: Beginning work in process inventory |
19,800 |
Less: Ending work in process inventory |
- 18,700 |
Cost of goods manufactured |
112,200 |
amount of cost of goods manufactured for the year = $112,200
Correct option is (d)
Kindly comment if you need further assistance. Thanks
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