Answer:
$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
