Item 15 item 15 if the cost of the beginning work in process inventory is $60,000, direct materials cost is $350,000, direct labor cost is $216,000, and overhead cost is $319,000, and the ending work in process inventory is $55,000, calculate the cost of goods manufactured:

$890,000

Explanation:

Cost of goods manufactured = Opening work in process + Direct Expenses incurred for the period - Closing Work in Process

Here opening work in process = $60,000

Direct Expense Cost = Material + Labor + Overhead Cost

= $350,000 + $216,000 + $319,000 = $885,000

Closing Work in Process = $55,000

Thus Cost of goods manufactured = $60,000 + $885,000 - $55,000

= $890,000

answernet income for 2017 will be greater if the inventory quantity declines;

answer(c) factors of production;