Answer:
cost of goods manufactured= $78,400
Explanation:
Giving the following information:
Cost of materials placed in production - $45,000
Direct labor - 20,000
Factory overhead - 14,000
Work in process inventory, June 1 - 2,900
Work in process inventory, June 30 - 3,500
To calculate the cost of goods manufactured, we need to use the following formula:
cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP
cost of goods manufactured= 2,900 + 45,000 + 20,000 + 14,000 - 3,500
cost of goods manufactured= $78,400
