Answer:
cost of goods manufactured= $64,700
Explanation:
Giving the following information:
Work in Process, January 1 $ 53,600
Work in Process, December 31 38,800
Total Factory overhead 7,300
Direct materials used 14,300
Direct labor used 28,300
<u>To calculate the cost of goods manufactured, we need to use the following formula:</u>
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 53,600 + 14,300 + 7,300 + 28,300 - 38,800
cost of goods manufactured= $64,700
