A company compiled the following information for the current year. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 Raw materials inventory, December 31 Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 Raw materials purchases Direct labor Factory utilities Indirect labor Factory depreciation Operating expenses $30000 60000 27000 18000 60000 48000 1600000 890000 225000 75000 500000 630000 Assuming that total manufacturing costs are $3400000, what is the cost of goods manufactured for the period?
A company compiled the following information for the current year. (Assume that all raw materials used were direct materials.) Raw materials inventory, January 1 Raw materials inventory, December 31 Work in process, January 1 Work in process, December 31 Finished goods, January 1 Finished goods, December 31 Raw materials purchases Direct labor Factory utilities Indirect labor Factory depreciation Operating expenses $30000 60000 27000 18000 60000 48000 1600000 890000 225000 75000 500000 630000 Assuming that total manufacturing costs are $3400000, what is the cost of goods manufactured for the period?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:A company compiled the following information for the current year. (Assume that all raw materials used were direct materials.)
Raw materials inventory, January 1
Raw materials inventory, December 31
Work in process, January 1
Work in process, December 31
Finished goods, January 1
Finished goods, December 31
Raw materials purchases
Direct labor
Factory utilities
Indirect labor
Factory depreciation
Operating expenses
*
$30000
60000
27000
18000
60000
48000
1600000
890000
225000
75000
500000
630000
Assuming that total manufacturing costs are $3400000, what is the cost of goods manufactured for the period?
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