Consider Derek's budget information: materials to be used, $64,500; direct labor, $198,700; factory overhead, $400,300; work...
Consider Derek's budget information: materials to be used, $64,500; direct labor, $198,700; factory overhead, $400,300; work in process inventory on January 1, $185,000; and work in progress inventory on December 31, $194,700. What is the budgeted cost of goods manufactured for the year?
a.$653,800
b.$194,700
c.$848,500
d.$663,500
Homework Answers
Total manufacturing cost
= 64,500 + 198,700 + 400,300
= 663,500
Budgeted cost of goods manufactured
= Beginning wip + total manufacturing cost - Ending wip
= 185,000+663,500-194,700
= 653,800
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