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Robinson Manufacturing found the following information in its accounting records: $523,000 of direct materials used, $215,000 of direct labor, and $774,500 of manufacturing overhead. The Work in Process Inventory account had a beginning balance of $78,000 and an ending balance of $84,000. Compute the company’s Cost of Goods Manufactured.

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Answer:

Company’s Cost of Goods Manufactured = $1,506,500

Explanation:

Use following formula to calculate cost of goods manufactured

Cost of Goods Manufacture = Direct Material cost + Direct labor cost + Manufacturing overhead + Work in process beginning balance - Work in process Ending balance

Cost of Goods Manufacture = $523,000 + $215,000 + $774,500 + $78,000 - $84,000

Cost of Goods Manufacture = $1,506,500

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