Business, 20.01.2020 19:31 ktprada

Acorporation used $35,000 of direct materials and incurred $73,000 in direct labor cost, and $112,500 in manufacturing overhead costs during the period. what is the cost of goods manufactured if the beginning and ending work-in-process inventories were $28,000 and $21,500, respectively? a. $248,500b. $227,000c. $214,000d. $220,500

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Answer from: uchechukwueigwe

B Cost of goods manufactured : $227,000.00

Explanation:

Production cost is the sum of direct material cost, direct labour cost and overhead.

Direct material costs are the costs of materials used in the production . E,g flour for making bread

Direct labour costs are the costs of all workers involved directly in the production of the goods. The wages paid for the hours spent by bakers for producing bread.

Overheads are all other costs incurred which cannot be traced directly to the product. e,g rent, accountant salaries,e.tc

Opening working in progress represents accumulated production cost incurred on goods for which production commenced in a prior period but was not concluded. These items will need to be continued in the folowing period, hence further production costs would incurred.

Closing working in progress these represents production work for which work is yet to be completed as the end of the current period.

To determine the production cost of the the products completed in a particular period, use the formula below:

Production costs of completed units= Value of opening work in proress + Production cost incurred in the period less value of closing working progress.

So we apply this to the question

Direct material 35,000.00

Direct Labour 73,000.00

Manufacturing overhead 112,500.00

Further production cost incurred 220,500.00

Add Opening WIP 28,000.00

Less closing WIP (21,500.00

Cost of goods manufactured 227,000.00

Answer from: Quest

yes the correct answer was

b.the increased supply will create a surplus.

Answer from: Quest

It would be proprieretorships and partnerships

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Acorporation used $35,000 of direct materials and incurred $73,000 in direct labor cost, and $112,50...

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