Cost of goods manufactured is $131,000 and Cost of goods sold is $129,000.
Cost of goods manufactured
Particulars Amount
Direct Material:
Beginning Inventory of Raw Material $10000
Add: Purchase of raw material $45000
Raw material available for use $55000
Less: Ending inventory of Raw material ($8500)
Direct Material used $46500
Direct labor $27500
Factory Overhead <u>$55000</u>
Total manufacturing Cost $129000
Add: Beginning inventory of WIP $14000
Total cost of WIP $143000
Less: Ending Inventory of WIP <u>($12000)</u>
Cost of goods Manufactured <u>$131000</u>
Cost of goods sold for the year:
Particulars Amount
Beginning stock of finished goods $16000
Cost of goods manufactured <u>$131000</u>
Goods available for sale $147000
Ending stock of Finished goods <u>($18000)</u>
Cost of goods sold <u>$129000</u>
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