Question: Problem 5 A company has provided the following data concerning last month's operations. Purchases of raw materials $25,000 Indirect materials included in manufacturing overhead $5,000
Problem 5
A company has provided the following data concerning last month's operations.
Purchases of raw materials
$25,000
Indirect materials included in manufacturing overhead
$5,000
Direct labor cost
$58,000
Manufacturing overhead cost applied to Work in Process
$73,000
Beginning
Ending
Raw materials inventory
$11,000
$21,000
Work in process inventory
$49,000
$74,000
Determine the cost of goods manufactured for the month in the following COGM schedule.
Beginning work in process inventory
?
Direct materials:
Beginning raw materials inventory
?
Add: Purchases of raw materials
?
Total raw materials available
?
Deduct: Ending raw materials inventory
?
Raw materials used in production
?
Deduct: Indirect materials included in manufacturing overhead
?
Direct Materials
?
Direct labor
?
Manufacturing overhead cost applied to work in process
?
Total manufacturing costs added to production
?
Total manufacturing costs to account for
?
Deduct: Ending work in process inventory
?
Cost of goods manufactured
?
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