QUESTION 5

Beasann's Die-Cuts is preparing its cost of goods manufactured schedule at year-end. Beasann's accounting records show the following: The raw materials inventory account had a beginning balance of $13,000 and an ending balance of $17,000. During the year, Beasann purchased $58,000 of direct materials. Direct labour for the year totalled $123,000, while manufacturing overhead amounted to $152,000. The work in process inventory account had a beginning balance of $21,000 and an ending balance of $15,000.

SHOW ALL WORK

Compute the cost of goods manufactured for the year. (Hint: The first step is to calculate the direct materials used during the year.