Entin Corporation reported the following data for the month of January: Beginnin

Question

Entin Corporation reported the following data for the month of January: Beginning Ending Inventories: Raw materials $ 45,000 $ 51,000 Work in process $ 24,000 $ 30,000 Finished goods $ 58,000 $ 60,000 Additional information: Raw materials purchases $ 78,000 Direct labor cost $ 101,000 Manufacturing overhead cost incurred $ 77,000 Indirect materials included in manufacturing overhead cost incurred $ 2,000 Manufacturing overhead cost applied to Work in Process $ 74,000 The cost of goods manufactured for January is: 254,000 256,000 239,000 243,000

Explanation / Answer

Direct materials 78000 Add:opening material 45000 Less:closing material -51000 -6000 raw material consumed 72000 Direct labor    101000 prime cost 173000 overhead indirect materials 2000 manufacturing overhead 74000 total manufacturing cost 249000 Add:opening WIP 24000 Less:closing WIP -30000 -6000 cost of goods manufactured 243000 So option d is correct

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