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Cost of goods transferred to finished goods inventory is the same as cost of goods manufactured. Cost of goods manufactured is beginning WIP inventory + direct labor used + direct materials used + overhead applied ? ending WIP inventory. To calculate the cost of goods manufactured/transferred to finished goods inventory, we first need to calculate direct materials used, because that is the only number we need that is not given. Direct materials used is: Beginning Direct Materials Inventory $ 67,000 Plus Purchases 163,000 Plus Transportation-in 4,000 Minus Purchase Returns & Allowances (2,000) Minus Ending Direct Materials Inventory (62,000) Direct Materials Used $170,000 Now, we can calculate the amount of WIP Inventory transferred to Finished Goods Inventory during the month, as follows: Beginning WIP Inventory $145,000 Plus Direct Materials Used 170,000 Plus Direct Labor Used 200,000 Plus Overhead Applied (70% of $200,000) 140,000 Minus Ending WIP Inventory (171,000) Cost of Goods Manufactured/Transferred to Finished Goods Inventory $484,000
Cost of goods transferred to finished goods inventory is the same as cost of goods manufactured. Cost of goods manufactured is beginning WIP inventory + direct labor used + direct materials used + overhead applied ? ending WIP inventory. This answer results from using direct materials purchased instead of direct materials used . Direct materials used must be calculated as beginning direct materials inventory + direct materials purchased + transportation-in ? purchase returns & allowances ? ending direct materials inventory.
Cost of goods transferred to finished goods inventory is the same as cost of goods manufactured. Cost of goods manufactured is beginning WIP inventory + direct labor used + direct materials used + overhead applied ? ending WIP inventory. This is direct materials purchased + direct labor used + actual overhead incurred. The beginning and ending work-in-process inventory were omitted from the calculation; direct materials purchased were used instead of direct materials used ; and actual overhead incurred was used instead of overhead applied. Direct materials used must be calculated as beginning direct materials inventory + direct materials purchased + transportation-in ? purchase returns & allowances ? ending direct materials inventory. Overhead applied is 70% of direct labor used. And beginning and ending work-in-process inventories must be included in the calculation of cost of goods manufactured.
Cost of goods transferred to finished goods inventory is the same as cost of goods manufactured. Cost of goods manufactured is beginning WIP inventory + direct labor used + direct materials used + overhead applied ? ending WIP inventory. This answer results from using direct materials purchased instead of direct materials used and actual overhead incurred instead of overhead applied . Direct materials used must be calculated as beginning direct materials inventory + direct materials purchased + transportation-in ? purchase returns & allowances ? ending direct materials inventory. And overhead applied is 70% of direct labor used.