Work in process inventory on December 31 is $42,000. Work in process inventory decreased by 40% during the year. Total manufacturing costs incurred amount to $260,000. What is the cost of goods manufactured?

$288,000

Explanation:

The reason is that $42000 is 60% percent value at the end of the year.

So to find the opening balance of work in progress which is 100% in value we will simply divide this $42,000 by 60%.

Opening Work In Process = $42,000 / 60% =  $70,000

And now,

The cost of goods manufactured = Opening Work In Process + Manufacturing cost for the period - Closing Work In Process

The cost of goods manufactured = $70,000 + $260,000 - $42,000

= $288,000

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