---### Learning Objective 3Use the following inventory data for Caddy Golf Company to compute the cost of goods manufactured for the year:| Inventory Data | Amount ||-----------------------------|------------|| **Direct Materials Used** | $12,000 || **Manufacturing Overhead** | $21,000 || **Work-in-Process Inventory**: | || - Beginning Balance | $1,000 || - Ending Balance | $5,000 || **Direct Labor** | $9,000 || **Finished Goods Inventory**: | || - Beginning Balance | $18,000 || - Ending Balance | $4,000 |1. **Direct Materials Used**: This represents the cost of raw materials that were actually used during the manufacturing process for the year. In this case, it is $12,000.2. **Manufacturing Overhead**: This includes all the indirect costs that are related to manufacturing, such as utilities, depreciation, and maintenance. The total manufacturing overhead for the year is $21,000.3. **Work-in-Process Inventory**: - Beginning Balance: This is the cost of the inventory that was incomplete at the start of the period, valued at $1,000. - Ending Balance: This is the cost of the inventory that was incomplete at the end of the period, valued at $5,000.4. **Direct Labor**: This refers to the wages and salaries of employees who are directly involved in the manufacturing process. The direct labor cost for the year is $9,000.5. **Finished Goods Inventory**: - Beginning Balance: This is the cost of finished products that were not sold at the beginning of the period, valued at $18,000. - Ending Balance: This is the cost of finished products that were not sold at the end of the period, valued at $4,000.This data will be used to calculate the total cost of goods manufactured by considering the various elements of production costs and inventory adjustments. ---

Cost of goods manufactured= Manufacturing cost* + Beginning WIP - Ending WIP*Manufacturing cost =…

Use the following inventory data for Caddy Golf Company to compute the cost of goods manufactured for the year: Direct Materials Used Manufacturing Overhead Work-in-Process Inventory: Beginning Balance Ending Balance Direct Labor Finished Goods Inventory: Beginning Balance Ending Balance $ 12,000 21,000 1,000 5,000 9,000 18,000 4,000

Use the following inventory data for Caddy Golf Company to compute the cost of goods manufactured for the year: Direct Materials Used Manufacturing Overhead Work-in-Process Inventory: Beginning Balance Ending Balance Direct Labor Finished Goods Inventory: Beginning Balance Ending Balance $ 12,000 21,000 1,000 5,000 9,000 18,000 4,000

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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