Answer:
Instructions are below.
Explanation:
Giving the following information:
Cost of direct materials used in production $48,000
Direct labor 57,000
Factory overhead 34,000
Work in process inventory, April 1= 35,000
Work in process inventory, April 30= 40,000
Finished goods inventory, April 1= 25,000
Finished goods inventory, April 30= 16,000
A. To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 35,000 + 48,000 + 57,000 + 34,000 - 40,000
cost of goods manufactured= $134,000
B. To calculate the cost of goods sold, we need to use the following formula:
COGS= beginning finished inventory + cost of goods manufactured - ending finished inventory
COGS= 25,000 + 134,000 - 16,000
COGS= $143,000
C. Prepare a statement of Cost of Goods Manufactured.
Work in process inventory, April 1 Y $72,300
Cost of direct materials used in production $280,000
Direct labor 324,000
Factory Overhead 188,900
cost of goods manufactured= $865,200
