During FY 2023, Glencore Tools had a beginning finished goods inventory of $21,000 and an ending finished goods inventory of $19,200. Beginning work-in-process inventory was $16,500 and ending work-in-process inventory was $13,000. Factory overhead was $28,000, and the total manufacturing costs amounted to $310,000. Required: Use this information to determine the FY 2023 Cost of Goods Sold (COGS).

During FY 2023, Glencore Tools had a beginning finished goods inventory of $21,000 and an ending finished goods inventory of $19,200. Beginning work-in-process inventory was $16,500 and ending work-in-process inventory was $13,000. Factory overhead was $28,000, and the total manufacturing costs amounted to $310,000. Required: Use this information to determine the FY 2023 Cost of Goods Sold (COGS).

Principles of Cost Accounting

17th Edition

ISBN:9781305087408

Author:Edward J. Vanderbeck, Maria R. Mitchell

Publisher:Edward J. Vanderbeck, Maria R. Mitchell

Chapter7: The Master Budget And Flexible Budgeting

Section: Chapter Questions

Problem 5E: Prepare a cost of goods sold budget for MacLaren Manufacturing Inc. for the year ended December 31,...

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