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18 November, 00:33

Given the following data for Glennon Company, compute (A) total manufacturing costs and (B) costs of goods manufactured: Direct materials used $360000 Beginning work in process $40000 Direct labor 280000 Ending work in process 20000 Manufacturing overhead 330000 Beginning finished goods 50000 Operating expenses 430000 Ending finished goods 30000 (A) (B) $970000 $990000 $950000 $990000 $970000 $950000 $990000 $1010000

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  1. 18 November, 00:52
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    cost of goods manufactured = $990,000

    COGS = $1,010,000

    Explanation:

    Giving the following information:

    Direct materials used $360000

    Beginning work in process $40000

    Direct labor 280000

    Ending work in process 20000

    Manufacturing overhead 330000

    Beginning finished goods 50000

    Operating expenses 430000

    Ending finished goods 30000

    First, we need to calculate the total manufacturing costs:

    cost of goods manufactured = beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

    cost of goods manufactured = 40,000 + 360,000 + 280,000 + 330,000 - 20,000

    cost of goods manufactured = 990,000

    Now, we can determine the cost of goods sold:

    COGS = beginning finished inventory + cost of goods manufactured - ending finished inventory

    COGS = 50,000 + 990,000 - 30,000 = $1,010,000
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