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In: Economics

Manufacturing Company reported the following year-end information: Beginning work in process inventory $1,080,000 Beginning raw materials...

Manufacturing Company reported the following year-end information: Beginning work in process inventory $1,080,000 Beginning raw materials inventory 300,000 Ending work in process inventory 900,000 Ending raw materials inventory 480,000 Raw materials purchased 960,000 Direct labor 900,000 Manufacturing overhead 720,000 Laflin Manufacturing Company's cost of goods manufactured for the year is $2,400,000 $2,580,000 $2,220,000 $2,760,000. Please, I need a help? Thanks.

Solutions

Expert Solution

Answer is $ 2580,000

Explanation is as follows:

Raw material consumed in production:

Beginning raw material inventory:        $ 300,000

Add: Purchases:                                   $ 960,000

Less: Ending raw material inventory:   $480,000

Raw material consumed in production: $780,000

Cost of Goods manufactured:

Beginning balance of Work in process:                    $ 1080,000

Add: Cost added during the year:

Direct material consumed:                                        $780,000

Direct labour cost:                                                     $ 900,000

Manufacturing overheads:                                         $720,000

Less: Ending work in process:                                   $900,000

Cost of Goods manufactured:                                    $ 2580,000

Rahul Sunny answered 2 years ago
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