The following accounts are from last year’s books at Sharp Manufacturing: Raw Materials Bal0(b)154,000 (a)164,000 10,000 Work In Process Bal0(f)510,000 (b)132,000 (c)168,000 (e)210,000 0 Finished Goods Bal0(g)460,000 (f)510,000 50,000 Manufacturing Overhead (b)22,000(e)210,000 (c)26,000 (d)156,000 6,000 Cost of Goods Sold (g)460,000 Sharp uses job-order costing and applies manufacturing overhead to jobs based on direct labor costs. What is the amount of cost of goods manufactured for the year?

$510,000

Explanation:

Calculation for the amount of cost of goods manufactured for the year

Two method can be used in calculating the cost of goods manufactured for the year

METHOD 1

Using this formula

Cost of goods manufactured= Beginning Balance Cost of goods sold + Ending Balance Finishing goods ending balance

Where,

Beginning Balance of Cost of goods sold = $460,000

Ending Balance Finishing goods = $510,000 -$460,000 = 50,000

Let plug in the formula

Cost of goods manufactured=$460,000+$50,000

Cost of goods manufactured=510,000

OR METHOD 2

Calculation for the cost of good manufactured for the year

Beginning work in process$0

Direct material$132,000

Direct labor$168,000

Manufacturing overhead$210,000

Less: Ending work in process$0

Cost of goods manufactured $510,000

Therefore the amount of cost of goods manufactured for the year will be $510,000

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