The manufacturing cost of Bramble Corps will be equal to $20,50,000, considering all other factors.
Given information:
Opening raw materials = $2,50,000
Purchase of raw materials during the year = $7,90,000
Closing inventory of raw materials = $300,000
Raw material = $2,50,000+ $7,90,000-$3,00,000 = $740,000
Direct labor = $6,70,000
Manufacturing overhead = $640,000
Manufacturing cost = raw materials direct labor +manufacturing overhead
Manufacturing cost = $740000 + $670000 + $640000 = $2050000
The expenses incurred during the creation of a product are known as manufacturing costs. Direct material, direct costs, and factory overhead expenditures were included in these expenses. Usually, the costs are shown as different line items in the revenue statement.
A manufacturing cost includes all expenses incurred during the creation of a good or service, including the resources purchased. Costs associated with the manufacture include labor, and overhead.
The complete question is here:
Bramble Corp.'s accounting records reflect the following inventories:
Dec. 31, 2021 Dec. 31, 2022
Raw materials inventory $300000 $250000
Work in process inventory 300000 160000
Finished goods inventory 190000 150000
During 2022, $790000 of raw materials were purchased, direct labor costs amounted to $670000, and manufacturing overhead incurred was $640000.
Bramble Corp.'s total manufacturing costs incurred in 2022 amounted to.
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