Question

The corporation has the following information for the month of March cause of

direct material used in production 17,690
direct labor 24,994
factory overhead 39,916
progress inventory March 1 $22,748
Work inventory March 31 18,958
finish inventory March 1 21,639 f
inish inventory March 31 24,784

determine the cost of good manufacture___
determine the cost of goods sold___

Answer 1

The cost of goods manufactured is $82,600, and the cost of goods sold is $79,455.

Step-by-step explanation:

To determine the cost of goods manufactured, we need to calculate the total manufacturing cost incurred during the month. This includes the cost of direct materials used, direct labor, and factory overhead. Therefore, the cost of goods manufactured is:

Cost of Goods Manufactured = Direct Materials + Direct Labor + Factory Overhead

Cost of Goods Manufactured = $17,690 + $24,994 + $39,916 = $82,600

To determine the cost of goods sold, we need to consider the changes in inventory. The formula for cost of goods sold is:

Cost of Goods Sold = Opening Finished Inventory + Cost of Goods Manufactured - Closing Finished Inventory

Cost of Goods Sold = $21,639 + $82,600 - $24,784 = $79,455