Which of the following represents the correct formula for calculating cost of goods manufactured?

A) Direct materials used + direct labor + factory overhead + beginning work in process + ending work in process.

B) Direct materials used + direct labor + factory overhead + beginning work in process - ending work in process.

C) Direct materials used + direct labor + factory overhead - beginning work in process + ending work in process.

D) Direct materials used + direct labor + factory overhead - beginning work in process - ending work in process.

E) Direct materials used + direct labor - factory overhead + beginning work in process - ending work in process.

Current information for the Healey Company follows:

Beginning raw materials inventory	$15,200
Raw material purchases	60,000
Ending raw materials inventory	16,600
Beginning work in process inventory	22,400
Ending work in process inventory	28,000
Direct labor	42,800
Total factory overhead	30,000

All raw materials used were traceable to specific units of product. Healey Company's direct materials used for the year is:

A) $58,600.

B) $60,000.

C) $75,200.

D) $76,600.

E) $61,400.

All raw materials used were traceable to specific units of product. Healey Company's total manufacturing costs for the year are:

A) $125,800.

B) $128,600.

C) $131,400.

D) $137,000.

E) $139,000.

There are many differences between financial and managerial accounting. Identify and explain at least three of these differences.

Define and contrast period costs and product costs. How are they reported in the financial statements of a manufacturing company?

What is the main difference between the income statement of a manufacturer and that of a merchandiser?

What are prime costs? What are conversion costs?