Question

Knot Co. has the following activity for their most recent year when 4,000 units were made: Raw Materials: Beginning 40,000.00 Ending 19.000.00 Work in Process: Beginning 90,000.00 Ending 70,000.00 Finished Goods Inventory: Beginning 26,100.00 Ending 52,200.00 Depreciation, building & equipment 20,000.00 Raw material purchases 110,000.00 Insurance on plant 15.000.00 Sales salaries 40,000.00 Repairs & Maintenance, plant 10,000.00 Indirect labor 66,000.00 Direct labor 200,000.00 Administrative expenses 200,000.00 What is the cost of Goods Manufactured? Respond without commas or dollar signs, rounded to whole numbers. Your Answer:

Answer 1

$ 90,000 $ $ 131,000 200,000 Knot Co. Statement of Cost of Goods Manufactured Beginning Work in Process Inventory Direct Materials: Beginning Materials Inventory $ 40,000 Raw Materials Purchases $ 110,000 Cost of Materials available for use $ 150,000 Ending Materials Inventory $ 19,000 Cost of Direct Materials used in Production Direct Labor Factory Overhead: Indirect Labor $ 66,000 Depreciation, Building & Equipment $ 20,000 Insurance on Plant 15,000 Repairs & Maintenance, Plant $ 10,000 Total Factory Overhead Total Manufacturing Costs incurred during the year Total Manufacturing Costs Less: Ending Work in Process Inventory Cost of Goods Manufactured $ 111,000 $ $ $ $ 442,000 532,000 70,000 462,000