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29 August, 04:34

The following information is available for Tomlin Company.

April 1 April 30

Raw materials inventory $10,000 $14,400

Work in process inventory 4,830 3,290

Materials purchased in April $97,900

Direct labor in April 80,300

Manufacturing overhead in April 155,000

Prepare the cost of goods manufactured schedule for the month of April.

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  1. 29 August, 07:09
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    cost of goods manufactured = $330,340

    Explanation:

    Giving the following information:

    April 1 April 30

    Raw materials inventory $10,000 $14,400

    Work in process inventory 4,830 3,290

    Materials purchased in April $97,900

    Direct labor in April 80,300

    Manufacturing overhead in April 155,000

    To calculate the cost of goods manufactured, we need to use the following formula:

    cost of goods manufactured = beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

    Direct material used = beginning inventory + purchases - ending inventory

    Direct material used = 10,000 + 97,900 - 14,400 = $93,500

    cost of goods manufactured = 4,830 + 93,500 + 80,300 + 155,000 - 3,290

    cost of goods manufactured = $330,340
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