Question

Homework: HW 08 (Chapter 2) 2 of 4 (1 complete) HW Score: 28.57%, 2 of 7 Score: 0 of 2 pts S2-14 (similar to) Question Help Bloomfield Manufacturing found the following information in its accounting records $521,000 of direct materials used, $217.000 of direct labor and S773.000 of manufacturing overhead. The Work in Process Inventory account had a beginning balance of $66,500 and an ending balance of $75,000 Compute the company's cost of Goods Manufactured Complete the following table to determine the cost of goods manufactured Bloomfield Manufacturing Calculation of Cost of Goods Manufactured For Current Year Plus Manufacturing costs incurred

Answer 1

Solution:

Bloomfield Manufacturing
Calculation of cost of goods manufactured
For current year
Particulars	Amount
Work in Process, beginning	$66,500.00
Plus: Manufacturing costs incurred:
Direct materials	$521,000.00
Direct labor	$217,000.00
Manufacturing overhead	$773,000.00
Total cost of work in process	$1,577,500.00
Less: Work in process, ending	$75,000.00
Cost of goods manufactured	$1,502,500.00