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Raw materials beginning balance $5 Raw materials ending balance $30 WIP Beginning Balance $20 WIP Ending balance $5 Direct materials added to production $10 Direct labor $15 Overhead S15 Finished goods beginning balance $15 What is the company’s Cost of Goods Manufactured for the Period? A. $15 A. $55 B. C. S70 $85
Expert Answer
direct materials used + direct labor used + manufacturing overhead assigned = the manufacturing costs incurred in the current accounting period = 10 + 15 + 15 = $40
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Cost of goods manufactured = Manufacturing cost incurred + beginning work-in-process inventory – ending work-in-process inventory.
40 + 20 – 5 = $55
Cost of goods Manufactured = $55
