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ABC Company reports the following cost information for August: Cost of goods manufactured $135,800 Finished goods...

ABC Company reports the following cost information for August: Cost of goods manufactured $135,800 Finished goods inventory, Aug. 1 30,200 Finished goods inventory, Aug. 31 Work in process inventory, Aug. 1 22,500 Work in process inventory, Aug. 31 Direct materials used 25,300 35,300 18,500 Direct labor incurred in August amounted to 150% of manufacturing overhead in August. What is cost of goods sold for August?

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Answer #1

The cost of goods sold for August is calculated below:

Particular $
Cost of goods manufactured 135,800
Add: Begining finished goods inventory 30,200
Less: Ending finished goods inventory (25,300)
Cost of Goods Sold $140,700

Note: Assumed that the question is specifying the amount like Finished goods inventory, Aug. 31 is $25,300,Work in process inventory, Aug. 31 is $35,300 and Direct materials used is $18,500 respectively.

The cost of goods sold for August is $140,700

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