Question
Towson Manufacturing had a Work in Process balance of $146,000 on January 1, 2018. The year end balance of Work in Process was $140,000 and
Towson Manufacturing had a Work in Process balance of $146,000 on January 1, 2018. The year end balance of Work in Process was $140,000 and the Cost of Goods Manufactured was $895,000. Use this information to determine the total manufacturing costs incurred during the fiscal year 2018. (Round enter as whole dollars only.)
During FY 2018, Towson Manufacturing had a beginning finished goods inventory of $22,000 & ending finished goods inventory of $16,500. Beginning work-in-process was $20,000 and ending work-in-process was 12,500. Factory overhead was $22,500. The total manufacturing costs amounted to $218,000. Use this information to determine the FY 2018 Cost of Goods Sold. (Round enter as whole dollars only.)
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