JamesBondo
Mar 24, 2010, 07:46 PM
Hi,
I have a problem that is supposed to help me practice for a test I have tomorrow, but it has only confused me more.
Here is an image of it so you can see all of the information that I have.
http://i44.tinypic.com/2lih3t5.jpg
According to the program, I have successfully figured out Direct Materials and Direct Labor; however, I am having a hard time with Cost of Goods Manufactured.
The formula I am using for COGM is Opening Good In process + Direct Material + Direct Labor + Manufacturing Overhead - Closing Goods in process = Cost of Goods Manufactured
When I do that I get 9000+163000+426000+6000+74000+95500-20600=752900
The program is telling me that 752900 is not correct!? I can not figure out what I have done wrong. Is my formula wrong or something simple like that?
Thank you for your help!!
I have a problem that is supposed to help me practice for a test I have tomorrow, but it has only confused me more.
Here is an image of it so you can see all of the information that I have.
http://i44.tinypic.com/2lih3t5.jpg
According to the program, I have successfully figured out Direct Materials and Direct Labor; however, I am having a hard time with Cost of Goods Manufactured.
The formula I am using for COGM is Opening Good In process + Direct Material + Direct Labor + Manufacturing Overhead - Closing Goods in process = Cost of Goods Manufactured
When I do that I get 9000+163000+426000+6000+74000+95500-20600=752900
The program is telling me that 752900 is not correct!? I can not figure out what I have done wrong. Is my formula wrong or something simple like that?
Thank you for your help!!