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19 September, 17:35

Hendrix & Franks Company had the following beginning and ending inventory balances for the current year ended December 31:

January 1 December 31

Materials $11,000 $ 8,800

Work in Process 19,800 18,700

Finished Goods 23,100 18,150

In addition, direct labor costs of $33,000 were incurred, manufacturing overhead equaled $46,200, materials purchased were $29,700, and selling and administrative costs were $24,200. Hendrix & Franks Co. sold 27,500 units of product during the year at a sales price of $5.25 per unit. What was the amount of cost of goods manufactured for the year?

a.$106,500

b.$102,000

c.$111,100

d.$123,000

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Answers (1)
  1. 19 September, 19:34
    0
    Given:

    January 1:

    Materials = $11,000

    Work in Process = $19,800

    Finished Goods = $23,100

    December 31:

    Materials = $8,800

    Work in Process = $18,700

    Finished Goods = $18,150

    Also,

    Direct labor costs = $33,000

    Manufacturing overhead = $46,200

    Materials purchased = $29,700
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