Answer:
Cost of goods manufactured= $214,700
Explanation:
<u>First, we need to calculate the direct material used:</u>
<u></u>
Direct material used= beginning inventory + purchases - ending inventory
Direct material used= 36,000 + 70,500 - 34,500
Direct material used= $72,000
<u>Now, we can determine the cost of goods manufactured:</u>
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 20,500 + 72,000 + 95,500 + (62,500 - 9,800) - 26,000
cost of goods manufactured= $214,700