Question

Towson Manufacturing had a Work in Process balance of $130,000 on January 1, 2018. The year end balance of Work in Process was $124,000 and the Cost of Goods Manufactured was $835,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round enter as whole dollars only.)

Answer 1

Ans.	Total manufacturing costs incurred = $829,000
	*Calculations:
	Particulars	Amount
	Cost of goods manufactured	$835,000
	Add: Ending work in process inventory	$124,000
	Less: Beginning Work in process inventory	-$130,000
	Total manufacturing cost incurred	$829,000
	*Ending balance of work in process inventory is added and beginning balance of work in
	process inventory is deducted from cost of goods manufactured to calculate the amount
	of total manufacturing cost incurred.