Answer:
Cost of Goods Manufactured 30,350
Cost of Goods Sold 31,650
Explanation:
To find the Cost of Goods Manufactured and Cost Of Goods Sold we use the following format. By adding and subtracting as indicated we get the answers.
Beginning raw materials $ 5,500
Add Raw material purchases 7,400
Less Ending raw materials 4,000
Raw Materials Used 8,900
Add Direct labor 12,250
Add FOH 9,800
(Depreciation on factory equipment 6,500 )
(Factory repairs and maintenance 3,300 )
Total Manufacturing Cost 30,950
Add Beginning work in process inventory 5,700
Cost of Goods Available For Manufacture 36,650
Less Ending work in process inventory 6,300
Cost of Goods Manufactured 30,350
Add Beginning finished goods inventory 10,200
Cost of Goods Available for Sale 40550
Less Ending finished goods inventory 8,900
Cost of Goods Sold 31650
The Total FOH consists of (Depreciation on factory equipment 6,500 ) and (Factory repairs and maintenance 3,300 ).
