Answer:
COGS= $168,899
Explanation:
Giving the following information:
Beginning Raw Materials $26000
Ending Raw Materials $31,459
Beginning Work in process $35000
Ending WIP $30,113
Beginning Finished goods $14000
Ending Finished goods $28,663
Purchases of DM $73000
Direct Labor $43,853
Manufacturing overhead:
Indirect Labor $40000
Insurance on plant $10000
Depreciation - plant building and equipment $12,294
Repairs and maintenance - plant $4,987
Total= $67,281
First, we need to calculate the cost of goods manufactured:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 35000 + (26000 + 73000 - 31459) + 43853 + 67281 - 30113= 183,562
Now, we can calculate the cost of goods sold:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 14000 + 183562 - 28663= $168,899
