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    Transcribed Image Text:

    (1) (2) (3) Direct materials used $ (a) $150,480 $33,890 Direct labor used 75,000 (d) 45,720 Factory overhead 122,000 32,840 60,275 Total manufacturing costs 243,500 238,700 (g) Work in process inventory, beginning (b) 56,920 8,245 Total cost of work in process 289,325 (e) (h) Work in process inventory, ending (c) 22,545 11,250 Cost of goods manufactured 265,420 (f) (1)

    $365,300

    Work-in-process, 1/1$14,000

    Direct materials used: $130,000
    Direct labor:120,900

    Manufacturing overhead :

    Depreciation on plant$64,500
    Factory supplies used: 32,600
    Property taxes on plant: 20,000
    =Total manufacturing overhead 117,100

    Total manufacturing costs: 368,000= (DM+ DL+ Total Manufacturing Overhead)

    Total cost of work-in-process: 382,000= (beginning WIP + total manufacturing overhead)

    Less/MINUS:
    ending work-in-process: 16,700

    Cost of goods manufactured:
    $365,300

    [$14,000 + (($130,000 + $120,900 + ($64,500 + $32,600 + $20,000)) - $16,700 = $365,300][Beg. WIP + ((DM used + DL + (Depr. on plant + Fact. sup. used + Prop. tax on plant)) - End. WIP = COGM]

    FORMULA:
    BEGINNING WIP +

    TOTAL MANUFACTURING COSTS (aka direct labour, direct materials used, manufacturing overhead)

    LESS
    ENDING WIP
    = COSTS OF GOODS MANUFACTURED

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