1.) If the cost of the beginning work in process inventory is $56,000, direct materials cost is $346,000, direct labor cost is $212,000, and overhead cost is $315,000, and the ending work in process inventory is $51,000, calculate the cost of goods manufactured:
Using the information below for Laurels Company; determine the manufacturing costs added during the current year:
|Direct materials used||$ 6,900|
|Total Factory overhead||7,000|
|Beginning work in process||4,900|
|Ending work in process||7,800|
Using the information below for Sundar Company; determine the
total manufacturing costs added during the current year:
|Direct materials used||$19,200|
|Direct labor used||24,700|
|Beginning work in process||10,900|
|Ending work in process||11,500|
Craigmont Company's direct materials costs are $3,900,000, its direct labor costs total $7,810,000, and its factory overhead costs total $5,810,000. Its conversion costs total:
the cost of goods manufactured
cost of goods manufactured is the costs of: direct materials used + direct labor used + manufacturing overhead assigned = the manufacturing costs incurred in the current accounting period + beginning work-in-process inventory - ending work-in-process inventory.
manufacturing costs added during the current year:
the total manufacturing costs added during the current year:
Direct materials used$19,200+Direct labor used24,700+Factory overhead54,100+Beginning work in process10,900 -Ending work in process11,500= 97400
Conversion costs are the combination of direct labor costs plus manufacturing overhead costs.
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