During the year, a manufacturing company had the following operating results: Beginning work-in-process inventory $ 45,000 Beginning finished goods inventory $ 190,000 Direct materials used in production $ 308,000 Direct labor $ 475,000 Manufacturing overhead incurred $ 250,000 Ending work-in-process inventory $ 67,000 Ending finished goods inventory $ 89,000 What is the cost of goods manufactured for the year? $1,112,000 $1,033,000 $1,011,000 $1,134,000
During the year, a manufacturing company had the following operating results: Beginning work-in-process inventory $ 45,000 Beginning finished goods inventory $ 190,000 Direct materials used in production $ 308,000 Direct labor $ 475,000 Manufacturing overhead incurred $ 250,000 Ending work-in-process inventory $ 67,000 Ending finished goods inventory $ 89,000 What is the cost of goods manufactured for the year? $1,112,000 $1,033,000 $1,011,000 $1,134,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
During the year, a manufacturing company had the following operating results:
What is the cost of goods manufactured for the year?
| Beginning work-in-process inventory | $ | 45,000 | |
| Beginning finished goods inventory | $ | 190,000 | |
| Direct materials used in production | $ | 308,000 | |
| Direct labor | $ | 475,000 | |
| Manufacturing |
$ | 250,000 | |
| Ending work-in-process inventory | $ | 67,000 | |
| Ending finished goods inventory | $ | 89,000 |
|
$1,112,000
|
||
|
$1,033,000
|
||
|
$1,011,000
|
||
|
$1,134,000
|
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