Work-in-process inventory, January 1, 2011 $ 51,000 Work-in-process inventory, December 31, 2011 $ 56,500 Conversion costs...

Work-in-process inventory, January 1, 2011	$ 51,000
Work-in-process inventory, December 31, 2011	$ 56,500
Conversion costs during the year	$ 423,000

1. If direct materials used during the year were $143,000, what was cost of goods manufactured?

2. If the cost of goods manufactured for the year was $575,000, what was the amount of direct materials used during the year?

Solutions

Expert Solution

1. Cost of goods manufactured :

Total manufacturing cosst = Material used+conversion cost = 143000+423000 = 566000

Cost of goods manufactured = Beginning work in process+total manufacturing cost-ending work in process

= 51000+566000-56500

Cost of goods manufactured = 560500

2) manufacturing cost = ending work in process+cost of goods manufactured-beginning work in process

= 56500+575000-51000

Manufacturing cost = 580500

material cost = manufacturing cost-conversion cost

= 580500-423000

Material used = 157500

so direct material used during the year is 157500

ekkarill92 answered 10 months ago

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