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Ogleby Inc.'s accounting records reflect the following inventories: Dec. 31, 2017 Dec. 31, 2018 Raw materials...

Ogleby Inc.'s accounting records reflect the following inventories:

Dec. 31, 2017 Dec. 31, 2018

Raw materials inventory 120 96

Work in process inventory 156 174

Finished goods inventory 150 138

During 2018, Ogleby purchased $980 of raw materials,

incurred direct labor costs of $175,

Manufacturing overhead was $224.

Calculate:

a. Product costs

b. Cost of Goods Manufactured

c. Cost of Goods Sold

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Answer #1

a Product cost b Cost of Goods Manufactured Direct Materials (+) Beginning raw materials inventory Raw materials purchases Total raw material available (-) Ending raw materials inventory Direct materials used Direct labor Factory overhead Direct Materials (+) Beginning raw materials inventory Raw materials purchases Total raw material available -) Ending raw materials inventory Direct materials used Direct labor Factory overhead 120 980 1100 96 120 980 1100 96 1004 1004 175 175 224 224 224 224 1403 156 1559 174 1385 Total manufacturing cost Total manufacturing cost (+) Beginning W 1403 ork-in-process inventory c Cost of Goods Sold (-) Ending work-in-process inven Cost of Goods Manufactured (+) Beginning Finished goods inventory Cost of Goods Manufactured 150 1385 1535 138 1397 Total goods available for sale Ending Finished goods invento Cost of goods sold

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