Question

Frankin Corporation has provided the following data concerning last month’s operations. Purchases of raw materials............................................ $26,000...

Frankin Corporation has provided the following data concerning last month’s operations.

Purchases of raw materials............................................

$26,000

Indirect materials included in manufacturing overhead

$6,000

Direct labor cost............................................................

$58,000

Manufacturing overhead applied to Work in Process...

$97,000

Beginning

Ending

Raw materials inventory.........

$11,000

$17,000

Work in process inventory.....

$52,000

$66,000

How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured?

A) $175,000

B) $221,000

C) $155,000

D) $169,000

Homework Answers

Answer #1

Correct answer is ( C)

Solution

Cost of Goods Manufactured Schedule

Beginning raw materials inventory

$    11,000.00

Add: Cost of raw materials purchased

$    26,000.00

Less: Ending raw material inventory balance

$    17,000.00

raw materials used

$    20,000.00

Add: Direct labor cost

$    58,000.00

Add: Manufacturing overhead

$    91,000.00

Total Manufacturing Cost

$ 169,000.00

Add: Opening Work in progress inventory

$    52,000.00

Less: Closing Work in progress inventory

$    66,000.00

= Cost of goods manufactured

$ 155,000.00

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