Frankin Corporation has provided the following data concerning last month’s operations. Purchases of raw materials $ 26,000 Indirect materials included in manufacturing overhead $ 6,000 Direct labor cost $ 58,000 Manufacturing overhead applied to Work in Process $ 97,000 Beginning Ending Raw materials inventory $ 11,000 $ 17,000 Work in process inventory $ 52,000 $ 66,000 How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured?

$155,000

Explanation:

Calculation for How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured

DIRECT MATERIALS:

Beginning raw materials inventory $11,000

Add: Purchases of raw materials $26,000

Total raw materials available $37,000

($11,000+$26,000)

Less Ending raw materials inventory $17,000

Raw materials used in production $20,000

($37,000-$17,000)

Less Indirect materials included in manufacturing overhead $6,000

Total $14,000

($20,000-$6,000)

Add Direct labor $58,000

Add Manufacturing overhead cost applied to work in process $97,000

Total manufacturing costs $169,000

($14,000+$58,000+$97,000)

Add: Beginning work in process inventory $52,000

Total $221,000

($169,000+$52,000)

Less Ending work in process inventory $66,000

Cost of goods manufactured $155,000

($221,000-$66,000)

Therefore How much is the cost of goods manufactured for the month on the Schedule of Cost of Goods Manufactured is $155,000

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