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A manufacturing company reports the following items:
Work in process inventory, beginning balance: $1000
Work in process inventory, ending balance: $3000
Direct materials: $5,000
Direct labor: $7,000
Factory overhead: $4,000
The cost of goods manufactured is__________ $

Answer :

tutordamola

Answer:

The answer is $14,000

Explanation:

Cost of goods manufactured equals

Beginning/opening work in process inventory balance + direct materials + direct labor + factory overhead - ending/closing work in process inventory balance

=$1,000 + $5,000 + $7,000 + $4,000 - $3,000

= $14,000

Therefore, the cost of goods manufactured is $14,000

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