Required:Determine the missing amount for each separate situation involving work in process cost flows.Total manufacturing costsWork in process inventory, beginningWork in process inventory, endingCost of goods manufactured(1)105,00084,000$200,000(2)$150,00022,000$138,000(3)$217,00032,000$237,000

Cost of Goods Manufactured is computed to ascertain the cost of goods manufactured during the year.…

Answered: Determine the missing amount for each…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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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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