Answer:
cost of goods manufactured= $670,500
Explanation:
Giving the following information:
Direct materials used in production $250,000
Direct labor $185,000
Manufacturing overhead $245,500.
Beginning Work in Process Inventory was $20,000
Ending Work in Process Inventory amounted to $30,000
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 20,000 + 250,000 + 185,000 + 245,500 - 30,000
cost of goods manufactured= $670,500
