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Bingel [31]
3 years ago
11

Compute the Cost of Goods Sold for 2016 using the following information: Direct Materials, Jan. 1, 2016$50,000 Work-in-Process,

Dec. 31, 2016 74,500 Direct Labor 58,500 Finished Goods, Dec. 31, 2016 125,000 Finished Goods, Jan. 1, 2016 158,000 Manufacturing Overhead 79,500 Direct Materials, Dec. 31, 2016 63,000 Work-in Process, Jan. 1, 2016 107,000 Purchases of Direct Material 95,000
Business
1 answer:
fiasKO [112]3 years ago
3 0

Answer:

COGS= $154,500

Explanation:

<u>First, we need to calculate the cost of goods manufactured:</u>

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

Direct material used= beginning inventory + purchases - ending inventory

Direct material used= 50,000 + 95,000 - 63,000= $82,000

cost of goods manufactured= 74,500 + 82,000 + 58,500 + 79,500 - 107,000

cost of goods manufactured= $187,500

<u>Now, the cost of goods sold:</u>

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

COGS= 125,000 + 187,500 - 158,000

COGS= $154,500

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