Zoe Corporation has the following information for the month of March: Cost of direct materials used in production $16,700 Direct labor 26,794 Factory overhead 32,844 Work in process inventory, March 1 17,028 Work in process inventory, March 31 19,382 Finished goods inventory, March 1 23,631 Finished goods inventory, March 31 25,648 a. Determine the cost of goods manufactured.

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facundobuzzetti facundobuzzetti · Answer 1 · 2020-09-11T02:13:47+02:00

Answer:

cost of goods manufactured= $73,984

Explanation:

Giving the following information:

Cost of direct materials used in production $16,700

Direct labor 26,794

Factory overhead 32,844

Work in process inventory, March 1 17,028

Work in process inventory, March 31 19,382

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= 17,028 + 16,700 + 26,794 + 32,844 - 19,382

cost of goods manufactured= $73,984