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leva [86]
3 years ago
13

Molina Company has beginning and ending work in process inventories of $130,000 and $145,000 respectively. If total manufacturin

g costs are $680,000, what is the total cost of goods manufactured?a. $810,000.b. $825,000.c. $665,000.d. $695,000.
Business
1 answer:
marshall27 [118]3 years ago
6 0

Answer:

The correct option is c: $665,000

Explanation:

Cost of goods manufactured:

  • The cost of goods manufactured (COGM), also called cost of goods completed.
  • It calculates the total value of inventory that was produced during the period and is ready for sale.
  • In other words, this is the total amount of expenses incurred to turn work in process inventory into finished goods.

Calculation method:

The cost of goods manufactured equation is calculated as follows:

  • adding the total manufacturing costs; including all direct materials, direct labor, and factory overhead;
  • to the beginning work in process inventory and
  • subtracting the ending goods in process inventory.
  • This formula will leave you with only the cost of goods that were completed during the period.

Calculation:

Opening work in process inventory = $130,000

Closing work in process inventory = $145,000

Total manufacturing cost = $680,000

<u>Total cost of goods manufactured = Opening WIP + Total manufacturing cost - Closing WIP</u>

Total cost of goods manufactured = $130,000 + $680,000 - $145,000

Total cost of goods manufactured = $665,000

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Effective supply chain systems help manufacturers reduce excessive inventory holding and this helps in reducing production cost. The main goal of a supply chain management is to better coordinate the inflow and outflow of raw materials, services or information in a firm.

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The current account includes __________. a. the export and import of goods and services. b. all purchases and sales of assets su
umka2103 [35]

Answer:

A. The export and import of goods and services

Explanation:

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6 0
4 years ago
According to physicist and philosopher Albert Einstein, "Nothing will benefit human health and increase chances of survival of l
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I agree with the statement. Recent researches show that production of beef meat is tremendously demanding of potable water (almost 200 litres of water per kg of beef meat).

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3 years ago
Pat bought 5 pounds of apples. How many pounds of pears could Pat have bought for the same amount of money?
Travka [436]

Answer:

0.33 pounds of pears

Explanation:

Let the price of 1 pound of apple (Pa) be =  $1

1. So, price / pound of pear (Pp) = 0.5 more = $1 + $0.5 = $1.5

Expenditure (E) on 5 pounds of apples = P x Q =  5 x $1 = $5

Pears pounds purchase-able by same amount i.e $5 = E/ Pp = 5 /1.5= $0.33

2. ∵ Pa = $1 , ∴ Pp = 1.5 times = $1.5

E on 5 Pa = $5

Pears pounds purchase-able by same amount i.e $5 = E/ Pp = 5 /1.5= $0.33

3 0
3 years ago
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