Jules Company\'s beginning Work in Process Inventory was $26,000 and its ending

ID: 2431521 • Letter: J

Question

Jules Company's beginning Work in Process Inventory was $26,000 and its ending Work in Process Inventory amounted to $33,000. What is the company's cost of finished goods manufactured for the year?

$624,000.

$331,000.

$605,000.

$591,000.

During the current year, Jules Company incurred the following product costs: Direct materials used in production $267,000 Direct labor $132,000 Manufacturing overhead $199,000

Jules Company's beginning Work in Process Inventory was $26,000 and its ending Work in Process Inventory amounted to $33,000. What is the company's cost of finished goods manufactured for the year?

Explanation / Answer

Computation of cost of finished goods manufactured during the year

Direct Material

267000

Direct Labour

132000

Manufacturing overhead

199000

Total Manufacturing overhead cost

598000

Add: Beginning work in process

26000

Less: Ending work in process

(33000)

Cost of goods manufactured

$591000