For the month of January, Year 1, Ghent Corporation had a beginning balance of $103,200 in work in process. During the month, the company added the following costs to work in process: direct materials, $90,900; direct labor, $54,000; and manufacturing overhead, $81,000. The ending amount of work in process was $37,400. What was the cost of goods manufactured for the period? Prepare a schedule that shows the calculation of the cost of goods manufactured.
What will be an ideal response?
Cost of Goods Manufactured = $291,700
| Ghent Corporation | |||
| Schedule of Cost of Goods Manufactured | |||
| For the Month Ended January 31, Year 1 | |||
| Beginning work in process inventory | $ | 103,200 | |
| Manufacturing costs added | |||
| Direct materials | 90,900 | ||
| Direct labor | 54,000 | ||
| Manufacturing overhead | 81,000 | ||
| Total work in process | 329,100 | ||
| Less: Ending work in process inventory | 37,400 | ||
| Costs of goods manufactured | $ | 291,700 | |
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