Answer:
$510,000
Explanation:
Calculation for the amount of cost of goods manufactured for the year
Two method can be used in calculating the cost of goods manufactured for the year
METHOD 1
Using this formula
Cost of goods manufactured= Beginning Balance Cost of goods sold + Ending Balance Finishing goods ending balance
Where,
Beginning Balance of Cost of goods sold = $460,000
Ending Balance Finishing goods = $510,000 -$460,000 = 50,000
Let plug in the formula
Cost of goods manufactured=$460,000+$50,000
Cost of goods manufactured=510,000
OR METHOD 2
Calculation for the cost of good manufactured for the year
Beginning work in process $0
Direct material $132,000
Direct labor $168,000
Manufacturing overhead $210,000
Less: Ending work in process $0
Cost of goods manufactured $510,000
Therefore the amount of cost of goods manufactured for the year will be $510,000
