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Calculate the cost of goods manufactured

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Problem - The following inventory and cost data for the just completed year are taken from the accounting records of Shankar Company:

Inventories

• Increase in raw materials $4,000

• Increase in work in process 30,000

• Decrease in finished goods 90,000

Cost Incurred

• Advertising expense $200,000

• Direct Labour Cost 180,000

• Purchase of raw materials 264,000

• Rent, factory building 60,000

• Indirect factory labour 112,600

• Sales Commissions 70,000

• Utility, factory 18,000

• Maintenance, factory equipment 48,000

• Supplies, factory 1,400

• Depreciation, office equipment 16,000

• Depreciation, factory equipment 80,000

Calculate the cost of goods manufactured?

Which items in the cost incurred should be included in the manufactured overhead?

Reference no: EM131894461

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