Determine the missing amount for each separate situation involving work in process cost flows. Total manufacturing costs Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured (1) 105,000 84,000 $200,000 (2) $150,000 22,000 $138,000 (3) $217,000 32,000 $237,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Determine the missing amount for each separate situation involving work in process cost flows.
Total manufacturing costs
Work in process inventory, beginning
Work in process inventory, ending
Cost of goods manufactured
(1)
105,000
84,000
$200,000
(2)
$150,000
22,000
$138,000
(3)
$217,000
32,000
$237,000
Transcribed Image Text:Required: Determine the missing amount for each separate situation involving work in process cost flows. Total manufacturing costs Work in process inventory, beginning Work in process inventory, ending Cost of goods manufactured (1) 105,000 84,000 $200,000 (2) $150,000 22,000 $138,000 (3) $217,000 32,000 $237,000
Expert Solution
Step 1
  • Cost of Goods Manufactured is computed to ascertain the cost of goods manufactured during the year.
  • It is similar to Cost of Goods Sold.
  • It is different from Manufacturing Cost because we take effect of change in the inventory of WIP while computing Cost of Goods Manufactured.
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