Question
In: Accounting
The following information is available for Jetson Manufacturing for the month ended June 30, Year 1....
The following information is available for Jetson Manufacturing for the month ended June 30, Year 1.
Cost of direct materials used in production $325,000
Direct labor 280,000
Work in process inventory, June 1 135,000
Work in process inventory, June 30 142,000
Total factory overhead 195,000
Determine Jetson's cost of goods manufactured for the month ended June 30, Year 1. Show your work
Solutions
Expert Solution
The Answer is $ 793,000
Working:
| Particulars | Amount $ |
| Direct Materials used in production(A) | $ 325,000 |
| Direct Labor (B) | $ 280,000 |
| Factory Overhead( C ) | $ 195,000 |
| Total Manufacturing costs(A+B+C) | $ 800,000 |
| Add: Beginning WIP Inventory | $ 135,000 |
| Deduct: Ending WIP Inventory | $ (142,000) |
| Cost of Goods Manufactured for the Month | $ 793,000 |
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