Question & Answer: Given the following data for Glennon Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:…..

Given the following data for Glennon Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:

Direct materials used           $270,000           Beginning work in process                                  $40,000

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Question & Answer: Given the following data for Glennon Company, compute (A) total manufacturing costs and (B) costs of goods manufactured:…..
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Direct labor                            200,000           Ending work in process                                    20,000

Manufacturing overhead        250,000           Beginning finished goods                         50,000

Operating expenses              350,000           Ending finished goods                                       30,000

(A)                               (B)

a.         $700,000                     $740,000

b.         $720,000                     $700,000

c.         $720,000                     $740,000

d.         $740,000                     $760,000

Expert Answer

 

Solution: The correct option is c. (A) = $720,000 and (B) = $740,000
(A) Computation of total manufacturing costs:
Total manufacturing cost = Cost of direct materials used + Direct labor cost + Manufacturing overhead costs
= $270,000 + 200,000 + 250,000 = $720,000

(B) Computation of costs of goods manufactured:
Costs of goods manufactured = Beginning work in process+ total manufacturing costs – Ending work in process
= $40,000 + 720,000 – 20,000 = $740,000

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