Question

stereo corp. produces radios. the following information on inventory and production pertains to the year 2017. total manufacturing costs debited to wip in 2017 $336,000 beginning wip $37,000 ending wip $82,000 beginning finished inventory $0 ending finished goods inventory $45,500 overapplied overhead $7,500 calculate the cost of goods manufactured at stereo corp. in the year 2017.

Answer 1

The cost of goods manufactured at stereo corp. in the year 2017 is $285,000.

What is Manufacturing?
Manufacturing is the process of turning raw materials or sections into finished goods using tools, human labour, machinery, and chemical products.

Manufacturing enables companies to sell finished goods at a price higher than the cost of the materials used. Huge manufacturing allows for the mass production of goods using assembly line procedures and sophisticated technology as core assets. Manufacturing techniques that are efficient allow manufacturers to start taking advantage of scale economies of scale, generating more units at the a lower cost. Manufacturing is a vital and significant component of the economy. It entails the transformation of raw materials such as ore, timber, and food into finished goods such as metal goods, soft furnishings, and processed foods.

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