Question

The Heidelberg Company began the period with a balance of $13,000 in its Work in Process (WIP) account. During the period the

Answer 1

The cost of goods manufactured is $34,000

What is cost of goods manufactured?

The cost of goods manufactured is the cost of the units of finished goods manufactured during the period under review.

The cost of goods manufactured is determined as opening work-in-process plus labor direct costs, direct materials cost, applied manufacturing overhead and thereafter we deduct the ending work in process, note that the estimated overhead is applicable  since the materials are computed using the purchase cost

cost of goods manufactured=$13,000+$16,000+$10,000+$17,000-$22,000

cost of goods manufactured=$34,000

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