The following information is available for Ethtridge Manufacturing Company for t

Question

The following information is available for Ethtridge Manufacturing Company for the month ending July 31: Cost of direct materials used in production $1,150,000 Direct labor 966,000 Work in process inventory, July 1 316,400 Work in process inventory, July 31 355,500 Total factory overhead 490,500 Determine Ethtridge’s cost of goods manufactured for the month ended July 31. Ethtridge Manufacturing Company Statement of Cost of Goods Manufactured For the Month Ended July 31 $ Manufacturing costs incurred during July: $ Total manufacturing costs incurred Total manufacturing costs $ Cost of goods manufactured $

Explanation / Answer

Direct material used in production $ 1,150,000 Add: Direct labour $     966,000 Add: Factory overhead $     490,500 Total maufacturing cost $ 2,606,500 Add: Beginning work in process $     316,400 Less: Ending work in process $   (355,500) Cost of goods manufactured for the month ended July 31 $ 2,567,400

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