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Using the information below for Singing Dolls, Inc., determine cost of goods manufactured for the year: Work in Process, January 1 50,000 Work in Process, December 31 37,000 Total Factory overhead 5,500 Direct materials used $12,500 Direct labor used 26,500. A) $94,500. B) $44,500. C) $52,000. D) $13,000. E) $57,500.

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Answer:

The correct answer would be option E, $57,500.

Explanation:

Total manufacturing cost

= direct materials + direct labor + factory overhead + beginning work in process inventory - ending goods in process inventory.

Work in process Jan 1, $50,000;  

Work in process Dec 31, $37,000;  

total factory overhead, $5,500;  

direct materials used, $12,500;  

direct labor used, $26,500

Now substituting the values in the above formula we get:

Total Cost of Goods Manufactured=

50000 + 55000 + 5500 + 12500 + 26500 - 37000

= 94500 - 37000

= $57500

So The cost of goods manufactured during the year will be option E, $57500

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