Answer:
cost of goods manufactured= $334,000
Explanation:
Giving the following information:
Beginning Raw Materials = $13,000
Ending Raw Materials = $15,000
Direct material purchased= $51,000
Direct labor for the year totaled $131,00
Manufacturing overhead= $153,000.
The Work in Process Inventory account:
beginning balance of $24,000
ending balance of $23,000
<u>To calculate the total manufacturing cost, we need to use the following formula:</u>
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 24,000 + (13,000 + 51,000 - 15,000) + 131,000 + 153,000 - 23,000
cost of goods manufactured= $334,000
