Cougar Company uses job costing. The following information has been collected from Cougar Company's accounting records for the month of April: Direct materials requisitions used in production $160,000 Indirect materials added to Manufacturing Overhead 40,000 Direct labor time tickets 140,000 Indirect labor added to Manufacturing Overhead 65,000 Manufacturing overhead applied to production 200,000 Depreciation Expense added to Manufacturing Overhead 50,000 Work in Process Inventory on April 1 34,000 Work in process inventory on April 30 38,000 What is the cost of goods manufactured?

The cost of goods manufactured $ 651,000

Explanation:

Cost of Goods Manufactured = Direct Materials + Direct Labor + Manufacturing Overheads + Opening Work In Process - Closing Work In Process

For Cougar Company Cost of Goods Manufactured is Calculated as follows;

Direct materials                                           160,000

Direct labor                                                  140,000

Prime Cost                                                  300,000

Indirect materials                                          40,000

Indirect labor                                                65,000

Manufacturing overhead                            200,000

Depreciation Expense                                 50,000

Total Manufacturing Cost                             655,00

Add Opening Work In Process                    34,000

Less Closing Work In Process                    (38,000)

Cost of goods manufactured                      651,000

$496,000

Explanation:

The formula used to calculate the cost of manufactured goods in a job costing system:

COGM = direct materials + direct labor + applied overhead + beginning work in process - ending work in process

Indirect materials, indirect labor and depreciation are already included in applied overhead.

COGM = $160,000 + $140,000 + $200,000 + $34,000 - $38,000 = $496,000

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