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Unformatted text preview: Use the following information for a manufacturer to compute cost of goods manufactured and cost of goods sold: Balances: Beginning Ending Direct Materials $ 27,000 $ 28,000 Work-in—Process Inventory 40,000 32,000 Finished Goods Inventory 18,000 25,000 Other information: Purchases of direct materials $ 73,000 Direct labor 88,000 Manufacturing overhead 43,000 First, compute cost of goods manufactured. V Beginning Work-in-Process Inventory 5 40,000 Direct Materials Used: V Beginning Direct Materials $ 27,000 V Purchases of Direct Materials fl V Direct Materials Available for Use 100,000 V Ending Direct Materials (28.000) V Direct Materials Used $ 72,000 V Direct Labor 88,000 V Manufacturing Overhead 43,000 V Total Manufacturing Costs Incurred during the Year w V Total Manufacturing Costs to Account For 243,000 V Ending Work-in-Process Inventory (32,000) V Cost of Goods Manufactured w Now compute cost of goods sold. Beginning Finished Goods Inventory ‘ 18,000‘ V Cost of Goods Manufactured fl V Cost of Goods Available for Sale 229,000 V Ending Finished Goods Inventory ‘ (25.000) 5 204,000‘ Cost of Goods Sold ...
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