Answer:
Cost of goods manufactured= $75,260
Explanation:
Giving the following information:
Indirect factory labor $5,150
Factory utilities $500
Direct materials used 22,360
Depreciation, factory equipment 1,620
Work in process, 6/1/20 3,480
Direct labor 42,170
Work in process, 6/30/20 4,620
Maintenance, factory equipment 2,000
Finished goods, 6/1/20 5,660
Indirect materials 2,600
Finished goods, 6/30/20 7,680
Factory manager’s salary 3,340
To calculate the cost of manufactured goods we need to use the following formula:
Cost of good manufactured= Beginning work in progress+ direct materials of the period + direct labor + manufactured overhead - ending work in progress
Beginning work in progress= $3,480
Direct materials = beginning inventory + purchase - ending inventory= 22,360
Direct labor= 42,170
Manufactured overhead=(Indirect factory labor + Factory utilities + Depreciation, factory equipment + Maintenance, factory equipment + Indirect materials)= 5150 + 500 + 1,620 + 2,000 + 2,600 = $11,870
Ending work in progress= 4,620
Cost of goods manufactured= 3480 + 22360 + 42170 + 11870 - 4620= $75,260
