What is the cost of goods manufactured ? Please show your work . ================================================== ACCT 346 Week 1 Homework Assignment
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Fred Co . incurred costs of $ 700,000 for direct materials ( raw ) purchased . Direct labor was $ 5,000 and factory overhead was $ 20,000 for March .
Inventories were as follows : Raw materials beginning $ 6,000 ; raw materials ending $ 8,000 ;
Work-in-process beginning $ 230,000 ; work-in-process ending $ 210,000 ;
Finished goods beginning $ 16,000 ; finished goods ending $ 15,500 ;
What is the cost of goods manufactured ? Please show your work . ================================================== ACCT 346 Week 1 Homework Assignment
For more course tutorials visit www . uophelp . com
1 . Identify whether each of the items below is a Product Cost or Period Cost : 2 . Identify whether each of the items below is a Direct Cost or Indirect Cost : 3 . Identify whether each of the below is a Fixed Cost or Variable Cost : 4 . Classify each as direct material , direct labor , indirect labor , indirect labor , other manufacturing overhead or period cost , and then answer the 5 questions below :
Factory insurance Company president ' s salary Eggs , salt , water used for baking Depreciation expense on bake ovens Paper wrappers for bread Factory lease Advertising costs