Chapter 1, Problem 15E

To determine

Cost of Goods Manufactured:

Cost of the goods manufactured is the cost that has been allocated to the materials or processes that are completed or still in process to be completed.

Overhead:

Overheads are the cost and the expenses a company incurs of the production of a particular goods or services which are not directly related to the production. It does not include labor and direct material.

Cost of Goods Sold:

Cost of goods sold is the total cost of all the goods that are being sold. It is the sum of the finished goods inventory and cost of the goods manufactured.

1.

To compute: Cost of goods manufactured.

2.

To determine

To compute: Cost of goods sold.