Answer:
cost of goods manufactured= $990,000
COGS= $1,010,000
Explanation:
Giving the following information:
Direct materials used $360000
Beginning work in process $40000
Direct labor 280000
Ending work in process 20000
Manufacturing overhead 330000
Beginning finished goods 50000
Operating expenses 430000
Ending finished goods 30000
First, we need to calculate the total manufacturing costs:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 40,000 + 360,000 + 280,000 + 330,000 - 20,000
cost of goods manufactured= 990,000
Now, we can determine the cost of goods sold:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 50,000 + 990,000 - 30,000= $1,010,000
