Question

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.)

Answer 1

Finished goods inventory , beginning =$16,000

Finished goods inventory , ending =$18,500

Beginning work in process inventory = $10,000

Ending work in process inventory = $19,500

Factory overhead = $22,500

Total manufacturing cost = $202,000

Schedule of Cost of Goods Sold
Total manufacturing costs	202,000
Beginning work in process inventory	10,000
Ending work in process inventory	-19,500
Cost of goods Manufactured	192,500
Finished goods inventory, beginning	16,000
Finished goods inventory, ending	-18,500
Cost of goods sold	$190,000

Factory overhead already included in Total manufacturing cost , hence has not been considered while calculated cost of goods sold.

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