Using the information below, calculate the cost of goods manufactured for the period:
Beginning Raw Materials Inventory $ 26,000
Ending Raw Materials Inventory 31,000
Beginning Work in Process Inventory 56,000
Ending Work in Process Inventory 65,000
Beginning Finished Goods Inventory 81,500
Ending Finished Goods Inventory 68,000
Cost of Goods Sold for the period 541,000
Sales revenues for the period 1,255,000
Operating expenses for the period 233,000
Expert Answer
Cost of goods manufactured will be calculated as follows:
Cost of goods sold for the period 541000
Add: Ending finished goods inventory 68000
Total 609000
Less: Beginning finished goods inventory 81500
Cost of goods manufactured for the period 527500
Thus, cost of goods manufactured for the period is $527,500.