Question

​Jasper, Inc. reports the following cost information for​ March: Cost of Goods Manufactured $ 74 comma 900 Manufacturing Overhead 18 comma 100 Finished Goods​ Inventory, March 1 5 comma 000 Finished Goods​ Inventory, March 31 2 comma 100 ​Work-in-Process Inventory, March 1 9 comma 700 ​Work-in-Process Inventory, March 31 1 comma 600 Direct Materials Used 25 comma 100 What is the cost of goods sold for​ March?

Answer 1

COGS= $77,800

Step-by-step explanation:

Giving the following information:

Cost of Goods Manufactured $ 74,900

Manufacturing Overhead $18,100

Finished Goods​ Inventory, March 1 $5,000

Finished Goods​ Inventory, March 31 $2,100

​Work-in-Process Inventory, March 1 $9,700

​Work-in-Process Inventory, March 31 $1,600

Direct Materials Used $25,100

To calculate the cost of goods sold, we need to use the following formula:

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

COGS= 5,000 + 74,900 - 2,100= $77,800