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Cost of Goods Manufactured for a Manufacturing Company The following information is available for Ethtridge Manufacturing...

Cost of Goods Manufactured for a Manufacturing Company

The following information is available for Ethtridge Manufacturing Company for the month ending July 31

Cost of direct materials used in production $148,600
Direct labor 178,300
Work in process inventory, July 1 66,900
Work in process inventory, July 31 90,600
Total factory overhead 81,700

Determine Ethtridge's cost of goods manufactured for the month ended July 31.

Ethtridge Manufacturing Company
Statement of Cost of Goods Manufactured
For the Month Ended July 31
$
Add manufacturing costs incurred during July:
$
Total manufacturing costs incurred
Total manufacturing costs $
Cost of goods manufactured $
Business   Accounting   
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Answer #1
Ethtridge's cost of goods manufactured for the month ended July 31
Particulars amount($)
Direct material 148600
Direct labour 178300
Overhead applied :
Factory Overhead 81700
Total manfacturing cost 408600
Add : Beginning Work in process inventory 66900
475500
Less : Ending work in process inventory -90600
Cost of goods manfactured 384900
Cost of goods manfactured consists of all the goods completed during the period , it includes total manfacturing cost plus beginning work in process minus ending work in process, where as manfactuting costs include direct material used in production , direct labour and overheads.
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