From the following data, determine the total Cost of Goods Manufactured (COGM):
A) $251,090.90
B) $270,840.40
C) $279,000.00
D) $310,400.00

Question

From the following data, determine the total Cost of Goods Manufactured (COGM): 
A) $251,090.90 
B) $270,840.40 
C) $279,000.00 
D) $310,400.00

Quizplus · Accepted Answer

COGM is the same as total cost of units completed and transferred out from WIP inventory. Total cost of units completed and transferred out from WIP inventory = Cost of units in beginning WIP inventory + Costs added to units in beginning WIP inventory this period + Costs of units started and completed + Cost of units started and incomplete - Cost of units in ending WIP inventory, $78,000 + $16,040.40 + $157,050.50 + $59,309.10 - $59,309.10 = $251,090.90.

From the Following Data, Determine the Total Cost of Goods