Information for Maxim Manufacturing is presented below. Compute both the cost of goods manufactured and the cost of goods sold for Maxim Manufacturing.Beginning raw materials inventor$36,800Beginning work in process inventory21,200Direct labor81,000Beginning finished goods inventory64,000Total factory overhead126,000Raw materials purchased21,500Ending raw materials inventory40,000Ending work in process inventory20,000Ending finished goods inventory46,000
What will be an ideal response?
| Cost of Goods Manufactured and Sold: | ? | ? |
| Beginning raw materials inventory | $ 36,800 | ? |
| Add: raw materials purchased | 21,500 $ 58,300 | ? |
| Raw materials available | ? | ? |
| Less Ending raw materials inventory | ( 40,000) | ? |
| Direct materials used | ? | $ 18,300 |
| Direct labor | ? | 81,000 |
| Factory overhead | ? | 126,000 |
| Total Manufacturing Costs | ? | $225,300 |
| Add Beginning work in process inventory | ? | 21,200 |
| Total work in process | ? | 246,500 |
| Less Ending work in process inventory | ? | (20,000) |
| Cost of Goods Manufactured | ? | $226,500 |
| Add Beginning finished goods inventory | ? | 64,000 |
| Cost of Goods Available | ? | $290,500 |
| Less: Ending finished goods inventory | ? | ( 46,000) |
| Cost of Goods Sold | ? | $244,500 |
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