Molina Company has beginning and ending work in process inventories of $130,000 and $145,000 respectively. If total manufacturing costs are $680,000, what is the total cost of goods manufactured?

cost of goods manufactured = $665,000

Explanation:

Giving the following information:

Molina Company has a beginning and ending work in process inventories of $130,000 and $145,000 respectively. If total manufacturing costs are $680,000

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 = 130,000 + 680,000 - 145,000

cost of goods manufactured = 665,000