Question

Using the information below for Singing Dolls, Inc., determine cost of goods manufactured for the year: 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

Answer 1

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

To calculate the cost of goods manufactured, we need to use the following formula:

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