Answer:
The cost of goods manufactured for July is $ 232,000
Explanation:
<u>Raw Materials Inventories Utilized In Production</u>
Beginning Raw materials $ 41,000
<em>Add</em> Purchases $ 73,000
Less Ending Raw materials ($ 37,000)
Used in Production $ 77,000
<u>Cost of goods manufactured</u>
Raw Materials $ 77,000
Direct labor cost $ 98,000
Manufacturing overhead $ 65,000
Total Cost of Manufacturing $ 240,000
<em>Add </em>Opening Work in process $ 23,000
<em>Less</em> Ending Work in process ($ 31,000)
Cost of goods manufactured $ 232,000
Not that Manufacturing overhead are included to the amount Applied in the Manufacturing Cost
