Answer:
Results are below.
Step-by-step explanation:
Giving the following information:
Direct Material used= 50,000
Work in Process Inventory Begin. Inv. 15,800
Direct labor 33,300
Overhead 69,000
WIP End. Inv. 12,900
To calculate the cost of goods manufactured, 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= 15,800 + 50,000 + 33,300 + 69,000 - 12,900
cost of goods manufactured= $155,200
Finished Goods Inventory Begin. Inv. 17,800
Finished Goods Inventory End. Inv. 20,500
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= 17,800 + 155,200 - 20,500
COGS= $152,500