Answer:
$1,133,000
Explanation:
The computation of the cost of goods manufactured is shown below:
= Direct materials used + Direct labor cost + Manufacturing overhead cost + beginning work-in-process inventory - ending work-in-process inventory
where,
Direct material used is
= Opening balance of raw material + purchase made - ending balance of raw material
= $83,000 + $361,000 - $62,000
= $382,000
The manufacturing overhead is
= Indirect labor + Depreciation on Factory Plant and Equipment + Plant Utilities and Insurance
= $18,000 + $22,000 + $272,000
= $312,000
And, the other items would remain the same
So, the cost of goods manufactured is
= $382,000 + $469,000 + $312,000 + $25,000 - $55,000
= $1,133,000
We simply applied the above formula to determine the cost of goods manufactured
