Question

Oriole Company reported the following year-end information: Beginning work in process inventory $1080000 Beginning raw materials...

Oriole Company reported the following year-end information: Beginning work in process inventory $1080000 Beginning raw materials inventory 300000 Ending work in process inventory 900000 Ending raw materials inventory 480000 Raw materials purchased 910000 Direct labor 820000 Manufacturing overhead 670000 Oriole Company's cost of goods manufactured for the year is $2220000. $2040000. $2400000. $2580000.

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Answer #1

Oriole Company's cost of goods manufactured for the year is calculated below:

$
Direct Material
Begining raw materials inventory 300,000
Raw materials purchased 910,000
Ending raw materials inventory (480,000)
Direct material used in Production 730,000
Direct labor 820,000
Manufacturing overhead 670,000
Beginning work in process inventory 1080,000
Ending work in process inventory ( 900,000)
Cost of goods manufactured 2400,000

So correct answer is option(3) or 2400,000

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