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2 May, 05:57

TB MC Qu. 3-209 Chavez Corporation reported the ... Chavez Corporation reported the following data for the month of July: Inventories: Beginning Ending Raw materials $ 41,000 $ 37,000 Work in process $ 23,000 $ 31,000 Finished goods $ 39,000 $ 54,000 Additional information: Raw materials purchases $ 73,000 Direct labor cost $ 98,000 Manufacturing overhead cost incurred $ 66,000 Indirect materials included in manufacturing overhead cost incurred $ 10,800 Manufacturing overhead cost applied to Work in Process $ 65,000 Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold. The cost of goods manufactured for July is:

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  1. 2 May, 07:08
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    The cost of goods manufactured for July is $ 232,000

    Explanation:

    Raw Materials Inventories Utilized In Production

    Beginning Raw materials $ 41,000

    Add Purchases $ 73,000

    Less Ending Raw materials ($ 37,000)

    Used in Production $ 77,000

    Cost of goods manufactured

    Raw Materials $ 77,000

    Direct labor cost $ 98,000

    Manufacturing overhead $ 65,000

    Total Cost of Manufacturing $ 240,000

    Add Opening Work in process $ 23,000

    Less Ending Work in process ($ 31,000)

    Cost of goods manufactured $ 232,000

    Not that Manufacturing overhead are included to the amount Applied in the Manufacturing Cost
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