Question

Using the information below, calculate the cost of goods manufactured for the period: Beginning Raw Materials Inventory $ 25,000 Ending Raw Materials Inventory 30,000 Beginning Work in Process Inventory 55,000 Ending Work in Process Inventory 64,000 Beginning Finished Goods Inventory 80,000 Ending Finished Goods Inventory 67,000 Cost of Goods Sold for the period 540,000 Sales revenues for the period 1,254,000 Operating expenses for the period 232,000

Answer 1

Answer:  $527,000

Explanation:

Given that,

Beginning Raw Materials Inventory = $25,000

Ending Raw Materials Inventory = $30,000

Beginning Work in Process Inventory = $55,000

Ending Work in Process Inventory = $64,000

Beginning Finished Goods Inventory = $80,000

Ending Finished Goods Inventory = $67,000

Cost of Goods Sold for the period = $540,000

Sales revenues = $1,254,000

Operating expenses = $232,000

Cost of goods manufactured for the period:

=Cost of Goods Sold for the period+Ending Finished Goods Inventory-Beginning Finished Goods Inventory

= $540,000 + $67,000 - $80,000

= $527,000