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    shumaila22's Avatar
    shumaila22 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 16, 2009, 08:05 AM
    Cost of Good Manufactured? Missing WIP
    What is the formula to find out the beginning work in process inventory?
    Please provide me with the steps and formula...

    Selling and Admin Salaries: $68,000
    Insurance, Facotry: $8,000
    Utilities, Factory: $12,500
    Purchases of Raw M. $79,000
    Indirect Labor: $11,000
    Direct Labor: $457,900
    Advertising Exp: $34,000
    Supplies, Factory: $7,100
    Sales Commissions: $37,000
    Rent, Factory Building: $55,000
    Maintenance, Factory: $18,500

    Beginning of the Year End of the Year
    Raw Material: $43,000 $9000
    Work in Process: ? $36,000
    Finished Goods: $51,000 ?

    The total manufacturing cost for the years was $683,000, the goods available for sale were $762,000 and the cost of goods sold totaled 662,000
    rehmanvohra's Avatar
    rehmanvohra Posts: 739, Reputation: 27
    Senior Member
    		  
    #2

    Sep 16, 2009, 10:39 AM

    You need to post your attempt for guidance so that we can guide you, However, as a guideline, prepare a cost of goods sold statement in a proper format, fill in the available figures and you will get the missing figures. I am sure you know how to prepare a cost of goods sold statement which shows the total manufacturing costs, cost of goods manufactured and cost of goods sold.
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