Question

The following accounts are from last year's books at Sharp Manufacturing: Raw Materials Bal 0 (b) 87,000 (a) 93,000 5,000 Work In Process Bal 0 (f) 251,000 (b) 69,000 (c) 82,000 (e) 100,000 0 Finished Goods Bal 0 (g) 226,000 (f) 251,000 25,000 Manufacturing Overhead (b) 18,000 (e) 100,000 (c) 12,000 (d) 67,000 (h) 3,000 3,000 Cost of Goods Sold (g) 226,000 (h) 3,000 223,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of cost of goods manufactured for the year?

Answer 1

Answer:

$251,000

Explanation:

Calculation to determine the amount of cost of goods manufactured for the year

Using this formula

Cost of goods manufactured=Debit to Finished Goods+Credit to Work in Process

Let plug in the formula

Cost of goods manufactured =$226,000+$25,000

Cost of goods manufactured =$251,000 (entry f)

Therefore the amount of cost of goods manufactured for the year is $251,000 (entry f)