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:

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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