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New Member
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Oct 23, 2006, 12:21 PM
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Cost of goods manufactured
What is the formula for cost of goods manufactured?
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New Member
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Oct 24, 2006, 06:07 AM
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Direct Materials
+Direct Labor
Total Manufacturer overhead
=Total Manufacturing Costs
+Work in Process Beginning Balance
-Work in Process Ending Balance
=Cost of Goods Manufactured
+Finished Goods Beginning Inventory
-Finished Goods Ending Inventory
=Cost of Goods Sold:)
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New Member
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Jul 7, 2010, 05:37 PM
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Direct materials xx
Direct labor xx
Factory overhead xx
Total manufacturing cost xx
Add:work in process inventory,beg. xx
Total work place in process xx
Less:work in process inventory,end xx
Cost of good manufactured xx
Add:finished goods inventory,beg xx
Total goods available for sale xx
Less:finished goods inventory,end xx
Total cost of good sold xx
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New Member
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Sep 28, 2011, 05:03 AM
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direct material+direct labour=prime cost
prime cost + FOH = Manufacturing COST FOR THE PERIOD + WIP OPEN - WIP END
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New Member
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Jul 22, 2012, 08:57 PM
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Cost of goods manufactured = direct material used + direct labor costs + indirect production costs.
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New Member
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Nov 20, 2012, 11:24 PM
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How can you compute for total manufacturing cost if the work in process beginning is missing?
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New Member
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Jan 19, 2013, 06:42 PM
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Can you please help me?
I have no beginning WIP inventory and no Finished good inventory, no cost of good manufactured, and no sales figure. How do I calculate them with
PROBLEM 3–22 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO6]
Valenko Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials):
Selling expenses $215,000
Purchases of raw materials $260,000
Direct labor ?
Administrative expenses $160,000
Manufacturing overhead applied to work in process $340,000
Total actual manufacturing overhead costs $350,000
Inventory balances at the beginning and end of the year were as follows:
Beginning of Year:
Raw Materials $50,000
Work in process ?
Finished goods $30,000
End of Year:
Raw Materials $40,000
Work in process $33,000
Finished goods ?
The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $35,000. The company's overapplied or underapplied overhead is closed entirely to cost of goods sold.
Required:
Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Thank you.
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