Q19E
Question
Computing cost of goods manufactured
Consider the following partially completed schedules of cost of goods manufactured. Compute the missing amounts.
Banner, Inc. Larry’s Bakery Sports Gear
Beginning Work-in-Process Inventory \( (a) \) 40,800 \( 2,200
Direct Materials Used 14,400 35,900 (g)
Direct Labor 10,300 20,100 1,900
Manufacturing Overhead (b) 10,000 900
Total Manufacturing Costs Incurred during the Year 45,200 (d) (h)
Total Manufacturing Costs to Account for 55,400 (e) 8,300
Ending Work-in-Process Inventory (c) (25,500) (2,600)
Cost of Goods Manufactured \) 50,500 \( (f) \) (i)
Step-by-Step Solution
VerifiedThe required computation of the cost of goods manufactured is done.
The cost of goods manufactured is defined as the manufacturing costs of the goods that are finished in the production process.
Computation of cost of goods manufactured | |||
| Banner Inc | Larry’s Bakery | Sports Gear |
Beginning Work-in-Process Inventory | A $10,200 | $40,800 | $2,200 |
Direct Material Used | $14,400 | $35,900 | G $3,300 |
Direct Labour | $10,300 | $20,100 | $1,900 |
Manufacturing Overhead | B $20,500 | $10,000 | $900 |
Total manufacturing cost incurred during the year | $45,200 | D $66,000 | H $6,100 |
Total manufacturing costs to account for | $55,400 | E $106,800 | $8,300 |
Ending work-in-process inventory | C -$4,900 | -$25,500 | -$2,600 |
Cost of goods manufactured | $50,500 | F $81,300 | I $5,700 |