A manufacturing company reports the following items: Work in process inventory,

Question

A manufacturing company reports the following items: Work in process inventory, beginning balance: $1000 Work in process inventory, ending balance: $3000 Direct materials: $5,000 Direct labor: $7,000 Factory overhead: $4,000 The cost of goods manufactured is $ A manufacturing company reports the following items: Work in process inventory, beginning balance: $1000 Work in process inventory, ending balance: $3000 Direct materials: $5,000 Direct labor: $7,000 Factory overhead: $4,000 The cost of goods manufactured is $ A manufacturing company reports the following items: Work in process inventory, beginning balance: $1000 Work in process inventory, ending balance: $3000 Direct materials: $5,000 Direct labor: $7,000 Factory overhead: $4,000 The cost of goods manufactured is $

Explanation / Answer

Cost of goods manufactured = Direct materials + Direct labor + Factory overhead + Beginning balance Work in process inventory - Ending balance work in process inventory

Cost of goods manufactured = $5,000 + $7,000 + $4,000 + $1,000 - $3,000

Cost of goods manufactured = $14,000

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