Question

In: Accounting

Cost of goods sold:

ABC Corporation reported the following data for the month of January: Inventories: Beginning Ending Raw materials 46,000 34,000 Work in process 31,000 29,000 Finished goods 27,000 55,000 Additional information: Raw materials purchases 79,000 Direct labor cost 93,000 Manufacturing overhead cost incurred 54,000 Indirect materials included in manufacturing overhead cost incurred 8,000 Manufacturing overhead cost applied to Work in Process 57,000 Calculate cost of goods sold during the month of January?

Solutions

Expert Solution

Add: Direct Labor Cost

93,000

Add: Applied manufacturing overhead

54,000

Total Manufacturing Cost

230,000

Add: Beginning Work in Process

31,000

Less: Ending Work in process

-29,000

Cost of goods manufactured

232,000

Add: Beginning Finished goods

27,000

Less: Ending finished goods

-55,000

Cost of goods sold

204,000

Particulars

Amount

Raw Material Inventory -Beginning

46,000

Add: Raw Material purchased

79,000

Less: Raw material Inventory- Ending

-34,000

Raw material used

91,000

ANIL KUMAR answered 3 years ago
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