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For a manufacturing company, the cost of goods sold can be calculated as the beginning finished goods inventory plus the cost of goods manufactured minus the ending finished goods. This is the cost of goods manufactured. This answer could also result from using direct materials purchased instead of direct materials used in the calculation of cost of goods manufactured; and then using that incorrect amount for cost of goods manufactured in the calculation of cost of goods sold.
For a manufacturing company, the cost of goods sold can be calculated as the beginning finished goods inventory plus the cost of goods manufactured minus the ending finished goods inventory. To calculate the cost of goods manufactured, we take the total cost of manufacturing and adjust it for the change in work-in-process inventory. Total manufacturing cost is made up of prime costs plus manufacturing overheads applied. The prime costs are direct materials used and direct labor used. Thus, total manufacturing cost is Direct Materials Used + Direct Labor Used + Overhead Applied. We are told that the direct labor used was $200,000, but we will need to calculate the direct materials used for November. Direct materials used is beginning direct materials inventory + purchases of direct materials + transportation-in costs – purchase returns & allowances – ending direct materials inventory. The beginning inventory of direct materials was $67,000. During the period, they purchased $163,000 of direct materials and also incurred $4,000 in transportation-in costs. However, they also returned $2,000 of direct materials during the period. Adding these together, we can calculate the total direct materials that they had available for use during November was $232,000 ($67,000 + $163,000 + $4,000 ? $2,000). Since there was an ending inventory of $62,000, they must have used $170,000 of direct materials during the period ($232,000 ? $62,000). Adding $170,000 of direct materials used to the $200,000 of direct labor used, the total prime costs were $370,000. Overhead is applied as 70% of direct labor, which equals $140,000 ($200,000 × 70%). Cost of goods manufactured is: 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 sold is beginning finished goods inventory + cost of goods manufactured ? ending finished goods inventory, or $85,000 + $484,000 ? $78,000 = $491,000.
For a manufacturing company, the cost of goods sold can be calculated as the beginning finished goods inventory plus the cost of goods manufactured minus the ending finished goods. This answer results from using materials purchased + direct labor used + actual overhead incurred as cost of goods manufactured, and then using that incorrect amount for cost of goods manufactured in the calculation of cost of goods sold. In the calculation of COGM, 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.
For a manufacturing company, the cost of goods sold can be calculated as the beginning finished goods inventory plus the cost of goods manufactured minus the ending finished goods. This answer results from using direct materials purchased instead of direct materials used and actual overhead incurred instead of overhead applied in calculating cost of goods manufactured, and then using that incorrect amount for cost of goods manufactured in the calculation of cost of goods sold.