During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $18,000 & ending finished...

During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $18,000 & ending finished goods inventory of $17,500. Beginning work-in-process was $14,000 and ending work-in-process was 10,500. Factory overhead was $22,500. The total manufacturing costs amounted to $270,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)

Expert Solution

Answer

Beginning Inventory of Finished Goods	$18000
Add: Cost of Goods Manufactured	$296000
Equals: Finished Goods Available for Sale	$314000
Less: Ending Inventory of Finished Goods	($17500)
Cost of Goods Sold	$296500


The formula to calculate the COGM is:


Add: Manufacturing Overhead	$270,000
Add: Factory overhead was	$22,500
Add: Beginning Work in Process (WIP)	$14,000
Deduct: Ending Work in Process (WIP)	($10500)

COGM	$296000

ekkarill92 answered 2 years ago

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