Homework Answers
a. Direct materials used = Opening stock + Purchases - Closing stock
= 40+210-50 = $200.
So Direct materials used = $200
b. Cost of goods manufactured = Direct materials used + Direct labor + Factory overhead + Opening WIP - Closing WIP
= 200 + 350 + 153 + 65 - 80 = $ 688
c. Cost of goods sold = Cost of goods manufactured + Opening Finished goods - Closing Finished goods
= 688 + 100 - 95 = $693.
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Total manufacturing costs incurred during the period
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Total manufacturing costs incurred during the period
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