Homework Answers
(A)Total manufacturing costs-All costs involved in manufacturing a product.Manufacturing costs consists of direct materials,direct labor and manufacturing overhead.
Direct material are those materials which become an integral part of the finished product and that can be physically and conveniently traced to it.For example-wood in a table
Direct labor:The term direct labor is reserved for those labor costs that can be easily traced to individual units of product such as assembly-line workers in a product.
Manufacturing overhead-All costs of manufacturring a product other than direct materials and direct labor(such as indirect materials,indirect labor,factory utilities,deprication on factory equipment)
(B)Cost of goods manufactured consists of the manufacturing costs associated with goods that were finished during the period.
Answer:Option d($605,000,$620,000)
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