Keeton Company had the following dа ta:Cost of materials used $60,000Direct labor costs 58,000Factory overhead 33,000Work in process, beg. 29,000Work in process, end. 18,000Finished goods, beg. 32,000Finished goods, end 18,000Calculate the Cost of goods sold.

Cost of goods sold = $ 176,000

Explanation:

For calculating the cost of goods sold, first we have to prepare the cost of goods manufactured.

Manufacturings Costs Incurred

Materials $ 60,000

Direct labour $ 58,000

Factory overhead $ 33,000

Total manufacturing costs $ 151,000

Add: Opening Inventory Work in process $ 29,000

Less: Ending work in process $ (18,000)

Costs of goods manufactured $ 162,000

to get the costs of goods sold this amount has to be adjusted for finished goods inventory changes.

Cost of Goods Manufactued $ 162,000

Add; opening Inventory Finished Goods $ 32,000

Less: Ending Inventory Finished goods $ (18,000)

Cost of goods sold $ 176,000