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23 February, 17:00

Consider Derek's budget information: materials to be used totals $62,100; direct labor totals $198,200; factory overhead totals $403,100; work in process inventory January 1 is $187,500; and work in progress inventory on December 31 is $195,000. The budgeted cost of goods manufactured for the year is

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  1. 23 February, 18:17
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    Cost of goods manufactured 655,900

    Explanation:

    First, we add the three cost component:

    materials used in production 62,100

    direct labor 198,200

    overhead 403,100

    total cost added during the period 663,400

    Then, using the WIP beginning and ending figures, we solve for cost of goods manufactured

    WIP january 1st 187,500

    cost added 663,400

    WP endind (195,000)

    Cost of goods manufactured 655,900
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