Question

The following partially completed T-accounts summarize transactions for Faaberg Corporation during the year: Raw Materials Debit Credit Beginning Balance 5,250 9,500 5,450 Work in Process Debit Credit Beginning Balance 4,350 22,450 6,450 8,750 8,550 Finished Goods Debit Credit Beginning Balance 2,450 20,650 22,450 Manufacturing Overhead Debit Credit 3,050 8,550 3,750 3,450 Wages & Salaries Payable Debit Credit 20,650 Beginning Balance 2,750 12,500 Cost of Goods Sold Debit Credit 20,650 The Cost of Goods Manufactured was:

Answer 1

The Cost of Goods Manufactured was $22,450.

What is Cost of Goods Manufactured?

The cost of goods manufactured refers to the cost of goods completed and are derived by calculating the total value of inventory produced.

Usually, the Cost of goods manufactured are derived by: Beginning WIP inventory +  Direct materials used + Direct labor used + Manufacturing oh applied - Ending WIP inventory.

But, the cost of goods manufactured equals the amount transferred to Finished Goods account

The amount transferred to Finished Goods account equals $22,450.

In conclusion, the Cost of Goods Manufactured was $22,450.

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