The following information is taken from the financial records of Gunner Manufacturing: Cost of materials used $45,000 Direct labor costs 48,000 Factory overhead 39,000 Work in process, beginning 18,000 Work in process, ending 28,000 What is the cost of goods manufactured? a.$132,000 b.$178,000 c.$142,000 d.$122,000

c.$142,000

Explanation:

The cost of goods manufactured is a function of the direct and indirect costs incurred in the manufacturing process. This will also include the cost incurred on work in process.

As such, Given;

Cost of materials used = $45,000

Direct labor costs = $48,000

Factory overhead = $39,000

Work in process, beginning = $18,000

Work in process, ending = $28,000

The cost of goods manufactured = $45,000 + $48,000 + $39,000 + $28,000 - $18,000

= $142,000

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