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Keeton Company has the following data: Cost of materials used $60,000 Direct labor costs 58,000 Factory overhead 33,000 Work in process inventory, beginning 29,000 Work in process inventory, ending 18,000 Finished goods inventory, beginning 32,000 Finished goods inventory, ending 18,000 Calculate the cost of goods sold.

Respuesta :

Answer:

$176,000.

Explanation:

Total manufacturing cost:

= Direct materials used + Direct labor + Factory overhead

= 60,000 + 58,000 + 33,000

= $151,000

Cost of goods manufactured =Total manufacturing cost + Beginning WIP -Ending WIP

= 151,000 + 29,000 - 18,000

= $162,000

Hence,

Cost of goods sold:

= Cost of goods manufactured + Beginning finished goods inventory - Ending finished goods inventory

= 162,000 + 32,000 - 18,000

= $176,000.

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