The following data relate to the Denver Company's operations for the year ended December 31, 20XX: Direct Materials Purchases $100,000
Indirect meterial usage 10,000
Indirect labor 10,000
Direct Labor 300,000
Sales salaries 100,000
Administrative salaries 50,000
Factory water and electricity 20,000
Advertising expenses 60,000
Depreciation-sales and general office 40,000
Depreciation-factory 50,000

Beginning Inventories:
Direct Materials $20,000
Work In Progress 60,000
Finished goods 80,000

Ending Inventories:
Direct Materials $30,000
Work in Progress 50,000
Finished goods 60,000

Required:
Prepare a statement of cost of goods manufactured.

Cost of goods manufactured= $490,000

Explanation:

Giving the following information:

Overhead:

Indirect material usage 10,000

Indirect labor 10,000

Factory water and electricity 20,000

Depreciation-factory 50,000

Total overhead= 90,000

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 materials= 100,000 + 20,000 - 30,000= 90,000

cost of goods manufactured= 60,000 + 90,000 + 300,000 + 90,000 - 50,000

cost of goods manufactured= $490,000

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