Answer:
Cost of goods manufactured 38,000
Cost of Goods Sold 52,000
Explanation:
<u>First we calcualte the cost added during the period:</u>
Direct Materials used 12,000
Direct Labor 9,000
Manufacturing Overhead<u> 21,000 </u>
Total cost added 42,000
<u>Then, we calculate the cost of goods manufactured or trasnferred-out</u>
WIP beginning balance 1,000
Cost added during the period 42,000
WIP ending balance <u> (5,000) </u>
Cost of goods manufactured 38,000
<u>Finally, we calcualte the cost of goods sold</u>
Finished goods beginning 18,000
Cost of goods manufactured 38,000
ending <u> (4,000) </u>
Cost of Goods Sold 52,000