Use the following data to determine the cost of goods manufactured: Beginning finished goods inventory $ 10,800 Direct labor 30,600 Beginning work in process inventory 7,200 General and administrative expenses 13,500 Direct materials used 40,500 Ending work in process inventory 9,000 Indirect labor 6,300 Ending finished goods inventory 9,500 Indirect materials 13,500 Depreciation—factory equipment 7,500

The cost of goods manufactured is determined as follows, in no particular order:

Direct Labour cost - $30,600

Beginning work in process inventory - $7,200

Direct Materials used - $40,500

Less ending work in process inventory ($9,000)

Indirect Labour - $6,300

Indirect materials - $13,500

Depreciation - factory equipment - $7,500

Total = $96,600 (105,600 - 9,000)

Explanation:

The cost of goods manufactured is an estimate of the expenses incurred for turning work in process and raw materials into finished goods.

This figure excludes beginning and closing finished goods inventory balances and general and administrative expenses.

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