Question

Consider the following information for the last month. Beginning inventory of finished goods: $18,000 Ending inventory...

Consider the following information for the last month.

Beginning inventory of finished goods: $18,000
Ending inventory of finished goods: $12,000
Costs of goods sold: $148,500
What is costs of goods manufactured?

Group of answer choices

$154,500

$142,500

$148,500

$136,500

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Calculation of Cost of Goods Manufactured

Cost of Goods Manufactured = Cost of Goods Sold + Ending Inventory of Finished Goods - Beginning Inventory of Finished Goods

Cost of Goods Manufactured = $148500 + $12000 - $18000

Cost of Goods Manufactured = $142500

So, option b is correct.

Cost of Goods Manufactured is $142500.

Hope it Helps ?

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $20,000 & ending finished...
During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $20,000 & ending finished goods inventory of $18,500. Beginning work-in-process was $18,000 and ending work-in-process was 11,500. Factory overhead was $22,500. The total manufacturing costs amounted to $216,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)  
During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $19,000 & ending finished...
During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $19,000 & ending finished goods inventory of $19,500. Beginning work-in-process was $20,000 and ending work-in-process was 13,500. The total manufacturing costs amounted to $230,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)
Using the following information calculate the amount of ending finished goods inventory: Manufacturing costs $1,000,000 Shoes...
Using the following information calculate the amount of ending finished goods inventory: Manufacturing costs $1,000,000 Shoes manufactured 100,000 Beginning inventory 0 pairs Pairs of shoes sold during the year 99,500 Selling price per pair of shoes $18 Select one: a. $8,000 b. $5,000 c. $99,500 d. $0 e. $500
During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $23,000 & ending finished...
During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $23,000 & ending finished goods inventory of $18,500. Beginning work-in-process was $19,000 and ending work-in-process was 13,500. Factory overhead was $22,500. The total manufacturing costs amounted to $212,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)
During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $16,000 & ending finished...
During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $16,000 & ending finished goods inventory of $18,500. Beginning work-in-process was $10,000 and ending work-in-process was 19,500. Factory overhead was $22,500. The total manufacturing costs amounted to $202,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)
The balance in Blue Oak Company’s finished goods inventory account was $25,000 at the beginning of...
The balance in Blue Oak Company’s finished goods inventory account was $25,000 at the beginning of September. Cost of goods manufactured for the month totaled $17,000, and cost of goods sold totaled $14,000. Required: 1. Prepare separate journal entries to record the following items. (Hint: Use Figure 2.7 "Custom Furniture Company’s Journal Entries for May" as a guide.) a. Cost of goods manufactured for the month b. Cost of goods sold for the month 2. Prepare a T-account for finished...
The following information was extracted from Manuco.'s financial documents. Beginning raw materials inventory $55,000 Ending raw...
The following information was extracted from Manuco.'s financial documents. Beginning raw materials inventory $55,000 Ending raw materials inventory $29,000 Beginning work-in-process inventory $23,000 Ending work-in-process inventory $60,000 Beginning finished goods inventory $30,000 Ending finished goods inventory $55,000 Raw materials purchased during the period $86,000 Total direct labor cost during the period $76,000 Total factory overhead cost during the period $18,000 Assuming that all raw materials are direct materials, calculate the cost of raw materials requisitioned, cost of goods manufactured, and...
You use absorbsion costing. Last month, you produced 12,000 units, your beginning finished goods inventory was...
You use absorbsion costing. Last month, you produced 12,000 units, your beginning finished goods inventory was 2000 units and your ending inventory was 1000 units. Standard variable manufacturing costs are $3 /unit. Fixed manufacturing costs are budgeted at $40,000. Cost driver volume was 5,000 machine hours. The standard usage rate is ½ hr per unit. Calculate adjusted absorbs ion COGS. Calculate variable costing COGS. Which is higher and by what amount?
Luker Corporation uses a process costing system. The company had $176,500 of beginning Finished Goods Inventory...
Luker Corporation uses a process costing system. The company had $176,500 of beginning Finished Goods Inventory on October 1. It transferred in $853,000 of units completed during the period. The ending Finished Goods Inventory balance on October 31 was $174,200. The entry to account for the cost of goods sold in October is: Debit Cost of Goods Sold $855,300; credit Finished Goods Inventory $855,300. Debit Cost of Goods Sold $855,300; credit Work in Process Inventory $855,300. Debit Cost of Goods...
The accounting records of Omar Company contained the following information for last year: Beginning Ending Direct...
The accounting records of Omar Company contained the following information for last year: Beginning Ending Direct materials inventory........................ $9,000 $7,000 Work in process inventory....................... $17,000 $31,000 Finished goods inventory........................ $10,000 $15,000 Manufacturing costs incurred Direct materials used............................... $72,000 Overhead applied..................................... $24,000 Direct labor cost (10,000 hours).............. $80,000 Depreciation............................................. $10,000 Rent......................................................... $12,000 Taxes........................................................ $8,000 Cost of goods sold................................... $157,000* * Selling and administrative costs incurred Advertising.............................................. $35,000 Rent......................................................... $20,000 Clerical..................................................... $25,000 3. If Omar Company applies overhead to jobs on the...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT