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?

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facundobuzzetti facundobuzzetti · Answer 1 · 2020-01-23T13:24:11+01:00

Answer:

COGS= $77,800

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