Beginning finished goods inventory $ 14,000 $ 18,450 Beginning goods in process

Question

Beginning finished goods inventory $ 14,000 $ 18,450 Beginning goods in process inventory 16,500 21,950 Beginning raw materials inventory 9,250 11,000 Rental cost on factory equipment 29,000 24,750 Direct labor 21,000 37,000 Ending finished goods inventory 19,650 15,300 Ending goods in process inventory 24,000 18,000 Ending raw materials inventory 7,300 9,200 Factory utilities 11,000 14,000 Factory supplies used 10,200 5,200 General and administrative expenses 23,000 45,000 Indirect labor 3,250 9,660 Repairs

Explanation / Answer

compute the cost of goods manufactured Prime Cost = Direct Materials Cost + Direct Labor Cost Total Factory Cost or Manufacturing Cost = Direct Materials + Direct Labor Cost + Factory Overhead Conversion Cost = Direct Labor Cost + Factory Overhead Cost Cost of Goods Manufactured (COGM) = Total Factory Cost + Opening Work in Process Inventory - Ending Work in Process Inventory Or Cost of Goods manufactured = Direct materials cost + Direct labor cost + Factory overhead cost + Opening work in process inventory - Ending work in process inventory Cost of goods sold (COGS) = Cost of goods manufactured + Opening finished goods inventory - Ending finished goods inventory Or Cost of goods sold = Direct materials cost + Direct labor cost + Factory overhead cost + Opening work in process inventory - Ending work in process inventory + Opening finished goods inventory - Ending finished goods inventory Number of units manufactured = Units sold + Ending Finished Goods units - Opening finished goods units Per unit cost of goods manufactured = Cost of goods manufactured / Units manufactured Materials used or consumed = Opening inventory or materials + Net purchases of materials - Ending inventory of materials

Related Questions

Navigate

• Browse (All)
• Browse B
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.