Answer:
cost of goods manufactured= $570,000
Explanation:
Giving the following information:
Raw materials used in production $ 270,000
Direct labor 140,000
Manufacturing overhead 190,000
Beginning work in process inventory 50,000
Ending work in process inventory 80,000
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= 50,000 + 270,000 + 140,000 + 190,000 - 80,000= $570,000
