Question

Casual Casual incurred total manufacturing costs of $24,500,000. Of this​ amount, $2,900,000 was direct materials used and $16,800,000 was direct labor. Beginning balances for the year were Raw Materials​ Inventory, $800,000​; ​Work-in-Process Inventory, $900,000​; and Finished Goods​ Inventory, $500,000. At the end of the​ year, balances were Raw Materials​ Inventory, $600,000​; ​Work-in-Process Inventory, $1,800,000​; and Finished Goods​ Inventory, $1,110,000.

Answer 1

Hi, requirement not mentioned in question, however giving answer below for COGS/Cost of goods manufactgured and material purchased. Please let me know if need anything else with respect to this question.

Please find below answer of your question. If this helped, please hit LIKE button.

		Working	Answer
2	Material Inventory December 1		800000
3	Material Inventory December 31		600000
4	Material Purchased	Used+Closing-Opening	2700000
5	Cost of Direct Material Used inproduction		2900000
6	Direct Labor		16800000
7	Factory Overhead (24500000-2900000-16800000)		4800000
1	WIP Inventory December 1		900000
2	WIP Inventory December 31		1800000
1	Finished Goods Inventory December 1		500000
2	Finished GOods Inventory December 31		1110000
2	Cost of Goods Manufactured
	Direct Material Cost
	-Beginning Inventory	800000
	-Purchases	2700000
	-Closing Inventory	-600000
	Direct Material Used		2900000
	Direct Labor Cost		16800000
	Factory Overhead		4800000
	Manufacturing Cost incured During December		24500000
	Add: Beginning Work in process		900000
	Total Manufacturing Cost		25400000
	Less: Ending Work in process		1800000
	Cost of Goods Manufactured		23600000
3	Cost of Goods Sold
	Cost of Goods Sold:
	-Beginning Finished Goods	500000
	-Cost of Goods manufactured	23600000
	-Ending Finished Goods	-1110000
	Less ;Cost of Goods Sold		22990000