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Total manufacturing cost is a component of the calculation of cost of goods manufactured. Total manufacturing cost consists of prime costs (direct materials used + direct labor used) plus manufacturing overhead applied. This is direct materials purchased (not direct materials used ) plus direct labor used. Overhead applied is also omitted. 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.
Total manufacturing cost is a component of the calculation of cost of goods manufactured. Total manufacturing cost consists of prime costs (direct materials used + direct labor used) plus manufacturing overhead applied. 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.
Total manufacturing cost is a component of the calculation of cost of goods manufactured. It consists of prime costs (direct materials used + direct labor used) and manufacturing overhead applied, i.e., Direct Materials Used + Direct Labor Used + Overhead Applied. In contrast, cost of goods manufactured is the cost of the goods that were brought to completion during the period, whether or not work on them was begun during the period. Cost of goods manufactured equals beginning work-in-process inventory + total manufacturing cost – ending work-in-process inventory. To calculate total manufacturing cost, we first need to calculate direct materials used. Direct materials used is beginning direct materials inventory + purchases of direct materials + transportation-in costs – purchase returns & allowances – ending direct materials inventory. Direct materials used equals $67,000 + $163,000 + $4,000 – $2,000 – $62,000, which equals $170,000. Direct labor used is given as $200,000. Overhead applied is 70% of direct labor. Therefore, overhead applied is ($200,000 × .70) = $140,000. Total manufacturing cost is therefore $170,000 + $200,000 + $140,000 = $510,000. Note that applied overhead, not actual overhead incurred, is used in calculating total manufacturing cost. The difference between the actual incurred overhead and overhead applied is a variance. Variances are closed out at the end of the period either to cost of goods sold only, or they are pro-rated among cost of goods sold, finished goods inventory, and work-in-process inventory. Variance amounts are not included in the calculation of the total manufacturing cost figure that is used in calculating cost of goods manufactured. They are adjusting entries made as part of the closing process.
Total manufacturing cost is a component of the calculation of cost of goods manufactured. Total manufacturing cost consists of prime costs (direct materials used + direct labor used) plus manufacturing overhead applied . This answer results from using actual incurred manufacturing overhead instead of overhead applied. The difference between the actual incurred overhead and overhead applied is a variance. Variances are closed out at the end of the period either to cost of goods sold only, or they are pro-rated among cost of goods sold, finished goods inventory, and work-in-process inventory. Variances are not included in the total manufacturing cost figure that is used in calculating cost of goods manufactured. They are adjusting entries made as part of the closing process.