Industries is calculating its cost of goods manufactured at year-end. justine's accounting records show the following: the raw materials inventory account had a beginning balance of $ 18 comma 000 and an ending balance of $ 16 comma 000. during the year, the company purchased $ 67 comma 000 of direct materials. direct labor for the year totaled $ 115 comma 000, while manufacturing overhead amounted to $ 157 comma 000. the work in process inventory account had a beginning balance of $ 23 comma 000 and an ending balance of $ 22 comma 000. assume that raw materials inventory contains only direct materials. compute the cost of goods manufactured for the year. (hint: the first step is to calculate the direct materials used during the year.)

Cost of goods=  $342

Explanation:

We have the following information:

Direct materials:

Beginning inventory= $18

Purchase= $67

Ending Inventory=16

Direct material used in during the year= Beginning+purchase-final inventory= 18+67-16= $69

Direct labor= $115

Manufacturing overhead= $157

Work in process:

Beginning WIP= $23

Ending WIP= $22

To calculate the cost of goods we need to use the following formula:

Cost of goods= Beginning WIP+Direct material+direct labor+ M.overhead - Ending WIP

We discount ending work in process because it is computable to the next period.

Cost of goods= 23+69+115+157-22= $342

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"we first find value of tax in dollars.

the difference between the two prices   is: 23. 54 - 22 = 1.54

therefore the sales tax in dollars is 1.54

the tax % will be   (amount of tax / original cost price ) × 100

(1.54 / 22) × 100  → (0.07) × 100 =   7

so the tax rate is 7%

we can double check the answer.

7 % of 22   → (7/100) × 22 → 0.07 × 22 = 1.54

22 + 1.54 = 23.54"

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