Asked by Juliette Grant on Jun 18, 2024
Verified
The manufacturing operations of Beatly Inc. had the following balances for the month of January: January 1 January 31 Raw materials $12,000$13,000 Work in process 21,00023,000 Finished goods 14,00012,000\begin{array}{lrr}&\text { January 1}&\text { January 31}\\\text { Raw materials } & \$ 12,000 & \$ 13,000 \\\text { Work in process } & 21,000 & 23,000 \\\text { Finished goods } & 14,000 & 12,000\end{array} Raw materials Work in process Finished goods January 1$12,00021,00014,000 January 31$13,00023,00012,000
Beatly transferred $270000 of completed goods out of work in process during January.
Instructions
Compute the cost of goods sold for January.
Work in Process
Refers to the materials and labor that are currently being transformed into finished goods in a manufacturing process.
Cost of Goods Sold
Direct costs attributable to the production of the goods sold by a company, including materials and labor costs.
Raw Materials
Basic, unprocessed inputs used in manufacturing or production processes to create finished goods.
- Determine the cost of goods sold, incorporating modifications for either overapplied or underapplied overhead.
Verified Answer
Learning Objectives
- Determine the cost of goods sold, incorporating modifications for either overapplied or underapplied overhead.
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