Given the following data:

Cost of materials used $45,000
Direct labor costs 48,000
Factory overhead 39,000
Work in process,beginning 28,000
Work in process,ending 18,000
Finished goods,beginning 28,000
Finished goods,ending 18,000
What is cost of goods sold?
A) $152,000
B) $142,000
C) $10,000
D) $128,000

Question

Given the following data: ​
​
Cost of materials used $45,000
Direct labor costs 48,000
Factory overhead 39,000
Work in process,beginning 28,000
Work in process,ending 18,000
Finished goods,beginning 28,000
Finished goods,ending 18,000
What is cost of goods sold?
A) $152,000
B) $142,000
C) $10,000
D) $128,000

Quizplus · Accepted Answer

The cost of goods manufactured is calculated as:  Cost of materials used + Direct labor costs + Factory overhead + Beginning work in process - Ending work in process = $45,000 + $48,000 + $39,000 + $28,000 - $18,000 = $142,000.  The cost of goods sold is calculated as:  Beginning finished goods + Cost of goods manufactured - Ending finished goods = $28,000 + $142,000 - $18,000 = $152,000.

Given the Following Data: ​

Given the Following Data: