Rediger Incorporated a manufacturing Corporation, has provided the following data for the month of June. The balance in the Work in Process inventory account was $41,000 at the beginning of the month and $26,500 at the end of the month. During the month, the Corporation incurred direct materials cost of $58,800 and direct labor cost of $33,700. The actual manufacturing overhead cost incurred was $54,900. The manufacturing overhead cost applied to Work in Process was $54,800. The cost of goods manufactured for June was:

cost of goods manufactured= $161,800

Explanation:

Giving the following information:

Beginning Work in Process inventory= $41,000

Ending Work in Process inventory= $26,500

Direct materials= $58,800

Direct labor cost= $33,700.

The manufacturing overhead cost applied to Work in Process was $54,800.

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

cost of goods manufactured= beginning WIP + direct materials + direct labor + allocated manufacturing overhead - Ending WIP

cost of goods manufactured= 41,000 + 58,800 + 33,700 + 54,800 - 26,500

cost of goods manufactured= $161,800

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- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.