534 PM ill Sprint Done 11 of 13 Problem 3 s Required Determ

5:34 PM .ill Sprint . Done 11 of 13 Problem 3. s Required: Determine the folowing West s the Dttnes b. What is the Cost of Goods Manufactured? c What is the Cost of Goods Sold? Purcnases 2104

Solution

Beginning Balance- Raw Materials Inventory= $63,000

Purchases- Raw Materials= 270,000

Ending Balance- Raw Materials Inventory= -45,000

Direct Materials Used= $288,000

Plant Utilities & Insurance =$200,000

Depreciation on Factory Plant & Equipment =18,000

Indirect Labor =14,250

Indirect Materials =20,200

Total Manufacturing Overhead Costs= $252,450

Direct Materials Used =$288,000

Direct Labor = 352,500

Manufacturing Overhead= $252,450

Total Manufacturing Cost Incurred During Year $892,950

Beginning Balance- Work-in-Process Inventory= $18,000

Total Manufacturing Cost Incurred During Year= 910,950

Ending Balance- Work-in-Process Inventory= -42,000

Cost of Goods Manufactured $868,950