Data for the Shady Sales Company for the month of October is as follows: Beginning Ending Raw...
Question:
Data for the Shady Sales Company for the month of October is as follows:
| Beginning | Ending | |
|---|---|---|
| Raw material inventory | $60,000 | $70,000 |
| Work in process inventory | $85,000 | $65,000 |
| Finished goods inventory | $100,000 | $110,000 |
Other values:
| Raw materials purchased | $75,000 |
| Direct Labor | $90,000 |
| Factory Utilities | $45,000 |
| Administrative Salaries | $35,000 |
| Factory Rent | $60,000 |
Cost of goods manufactured in October is:
a. $290,000
b. $325,000
c. $315,000
d. None of the above.
Cost of Goods Manufactured:
The total manufacturing costs incurred during a period for producing finished goods is usually added to the change in work in process inventory occurred during the period to arrive at the the cost of goods manufactured. The total manufacturing costs consist of direct costs and indirect costs or manufacturing overhead.
Answer and Explanation: 1
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View this answerThe calculated value of cost of goods manufactured in October is $ 280,000 (i.e. option d. None of the above)
The quantity of raw materials used is...
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Cost of Goods: Definition & Calculation
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Chapter 3 / Lesson 13
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The cost of goods is the expenses used to produce products, provide services, or acquire inventory. Study the definition of cost of goods and how to calculate it in this lesson.
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