Question

Using the information below, calculate the cost of goods manufactured for the period: Beginning Raw Materials Inventory $ 45,000 Ending Raw Materials Inventory 36,600 Beginning Work in Process Inventory 75,000 Ending Work in Process Inventory 84,000 Beginning Finished Goods Inventory 110,000 Ending Finished Goods Inventory 87,000 Cost of Goods Sold for the period 560,000 Sales Revenues for the period 1,274,000 Operating Expenses for the period 252,000

Answer 1

Answer:

cost of goods manufactured= $537,000

Explanation:

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

COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory

560,000= 110,000 + cost of goods manufactured - 87,000

cost of goods manufactured= 560,000 -110,000 + 87,000

cost of goods manufactured= $537,000