Use the following information to compute the cost of goods manufactured. Assume that all raw materials used were traceable to specific units of product. Beginning raw materials $ 5,500 Ending raw materials 4,000 Direct labor 12,250 Raw material purchases 7,400 Depreciation on factory equipment 6,500 Factory repairs and maintenance 3,300 Beginning finished goods inventory 10,200 Ending finished goods inventory 8,900 Beginning work in process inventory 5,700 Ending work in process inventory 6,300

Question

02-08-2019
Business

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Use the following information to compute the cost of goods manufactured. Assume that all raw materials used were traceable to specific units of product. Beginning raw materials $ 5,500 Ending raw materials 4,000 Direct labor 12,250 Raw material purchases 7,400 Depreciation on factory equipment 6,500 Factory repairs and maintenance 3,300 Beginning finished goods inventory 10,200 Ending finished goods inventory 8,900 Beginning work in process inventory 5,700 Ending work in process inventory 6,300

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andromache andromache · Answer 1 · 2019-08-12T07:47:00+02:00

Answer:

The cost of goods manufactured is $30,350

Explanation:

For computing the cost of goods manufactured., following steps is to be followed which is explained below:

Step 1 : First we have to compute the cost of raw material produced. The formula is shown below:

= Opening raw material + Purchase = ending raw of material

= $5,500 + 7,400 - 4,000

= $8,900

Step 2: Add the direct labor, deprecation, factory repairs, beginning work in progress inventory to the raw material produced value and than deduct the ending work in progress inventory.

In mathematically,

Raw material produced + direct labor + deprecation on factory equipment + factory repairs + beginning work in progress inventory - ending work in progress inventory

= $8,900 + $12,250 + $6,500 + $3,300 + $5,700 - $6,300

= $30,350

The beginning and ending value of finished goods of inventory is not being considered in the computation part of cost of goods manufactured. Thus, it is not taken.

Hence, the cost of goods manufactured is $30,350