Countertops Unlimited, a manufacturer of kitchen and bath countertops, had the following information for production last period:
Assuming that all manufacturing overhead was applied to Work in Process inventory, Cost of Goods Manufactured for the period was:

Question

Countertops Unlimited, a manufacturer of kitchen and bath countertops, had the following information for production last period:
 Assuming that all manufacturing overhead was applied to Work in Process inventory, Cost of Goods Manufactured for the period was:

Quizplus · Accepted Answer

Cost of Goods Manufactured =
Beginning Work in Process + Total Manufacturing Costs - Ending Work in Process
Total Manufacturing Cost =
Direct Materials Used + Direct Labor + Manufacturing Overhead applied
Total Materials Used =
Beginning Materials Inventory + Materials Purchased - Ending Materials Inventory
= 16,000 + 205,000 - 14,000 = $207,000
Direct Materials Used = Total Materials Used - Indirect Materials Used
= $207,000 - 55,000 = $152,000
Manufacturing Overhead
= Indirect Labor + Indirect Materials Used + Other Production costs (Rent, Utilities)
= $20,000 + 55,000 + 35,000 + 15,000 = $125,000
Total Manufacturing Costs = $152,000 + 65,000 + 125,000 = $342,000
Cost of Goods Manufactured = $25,000 + 342,000 - 30,000 = $337,000

Countertops Unlimited, a Manufacturer of Kitchen and Bath Countertops, Had