Jones Manufacturing Inc. Jones Manufacturing Inc. incurred the following costs in November:
In addition, the following information is also available:
Refer to the Jones Manufacturing Inc. information above. Cost of goods manufactured in November is:

Question

Jones Manufacturing Inc. Jones Manufacturing Inc. incurred the following costs in November:
 In addition, the following information is also available:
 Refer to the Jones Manufacturing Inc. information above. Cost of goods manufactured in November is:

Quizplus · Accepted Answer

Cost of goods manufactured is equal to the sum of direct materials used, direct labor, and manufacturing overhead, minus the ending work in process inventory, plus the beginning work in process inventory. Using this formula, the cost of goods manufactured for Jones Manufacturing Inc. in November is:
($110,000 + $12,000 + $33,000) - $10,000 + $70,000 = $115,000.