Use the cost information below for ABC Corporation to find the cost of goods manufactured (COGM) for the current year: Direct materials used Direct labor Total factory overhead Work in process inventory, beginning Work in process inventory, ending Multiple Choice $24,500. $15,200. $18,400. $19,300. $ 6,600 8,600 6,700 4,600 7,200

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Use the cost information below for ABC Corporation to find the cost of goods manufactured (COGM) for the current year:
Direct materials used
Direct labor
Total factory overhead
Work in process inventory, beginning
Work in process inventory, ending
Multiple Choice
$24,500.
$15,200.
$18,400.
$19,300.
$ 6,600
8,600
6,700
4,600
7,200
Transcribed Image Text:Use the cost information below for ABC Corporation to find the cost of goods manufactured (COGM) for the current year: Direct materials used Direct labor Total factory overhead Work in process inventory, beginning Work in process inventory, ending Multiple Choice $24,500. $15,200. $18,400. $19,300. $ 6,600 8,600 6,700 4,600 7,200
Expert Solution
Step 1

Cost of goods manufactured = Direct Material Used + Direct Labor + Total Factory Overhead + Opening WIP - Ending WIP

 

Direct Material Used = 6600

Direct Labor = 8600

Total Factory Overhead = 6700

Opening WIP = 4600

Ending WIP = 7200

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