Question

Given the following, calculate cost of goods sold: Inventories: Beginning Ending Direct materials $300 $250 Work in process $400 $200 Finished goods $500 $350 Direct material purchases $4,200 Direct labor $3,000 Manufacturing overhead $5,000

Answer 1

Answer:

Cost of Goods Sold = $12,600

Explanation:

Inventories:

Beginning Direct materials           $300

+Direct material purchases        $4,200

-Ending Direct materials              $250

Direct Material used                                                                    $4,250

+Direct labor                                                                                 $3,000

+Manufacturing overhead                                                           $5,000

Total Manufacturing Cost                                                           $12,250

+Beginning Work in process                                                          $400

-Ending Work in process                                                               $200

Cost of Goods Manufactured                                                    $12,450

+Beginning Finished goods                                                           $500

-Ending Finished goods                                                                $350

Cost of Goods Sold                                                                    $12,600