Homework SourseA manufacturing company reports the following items Work in
A manufacturing company reports the following items:
Work in process inventory, beginning balance: $1000
Work in process inventory, ending balance: $3000
Direct materials: $5,000
Direct labor: $7,000
Factory overhead: $4,000
The cost of goods manufactured is $
A manufacturing company reports the following items:
Work in process inventory, beginning balance: $1000
Work in process inventory, ending balance: $3000
Direct materials: $5,000
Direct labor: $7,000
Factory overhead: $4,000
The cost of goods manufactured is $
A manufacturing company reports the following items:
Work in process inventory, beginning balance: $1000
Work in process inventory, ending balance: $3000
Direct materials: $5,000
Direct labor: $7,000
Factory overhead: $4,000
The cost of goods manufactured is $
Solution
Cost of goods manufactured = Direct materials + Direct labor + Factory overhead + Beginning balance Work in process inventory - Ending balance work in process inventory
Cost of goods manufactured = $5,000 + $7,000 + $4,000 + $1,000 - $3,000
Cost of goods manufactured = $14,000
