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17 February, 20:36

During the current year, Jules Company incurred the following product costs: Direct materials used in production $250,000; Direct labor $185,000; and Manufacturing overhead $245,500. Jules Company's beginning Work in Process Inventory was $20,000 and its ending Work in Process Inventory amounted to $30,000. What is the company's cost of finished goods manufactured for the year

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  1. 17 February, 21:05
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    cost of goods manufactured = $670,500

    Explanation:

    Giving the following information:

    Direct materials used in production $250,000

    Direct labor $185,000

    Manufacturing overhead $245,500.

    Beginning Work in Process Inventory was $20,000

    Ending Work in Process Inventory amounted to $30,000

    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 = 20,000 + 250,000 + 185,000 + 245,500 - 30,000

    cost of goods manufactured = $670,500
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