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The following information is available for Marks Company at December 31, 2019:
1.Inventory balance Beginning of Year End of Year
Finished Goods $14,000 $10,000
Work in Process 6,000 12,000
Raw Materials 10,300 6,500
2. Debit postings to Work in Process Inventory during the year were:
Direct materials $90,000
Direct labor 60,000
Manufacturing overhead applied 75,000
3. Sales totaled $310,000 for the year.
Prepare a condensed cost of goods manufactured schedule.

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Answer:

cost of goods manufactured= = $222,800

Explanation:

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

beginning WIP = 6,000

Direct material used= 10,300 + 90,000 - 6,500= 93,800

Direct labor= 60,000

Manufacturing overhead= 75,000

Ending WIP= (12,000)

cost of goods manufactured= = $222,800

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