Glenville Company has the following information for April:Cost of direct materials used in production                   $280,000Direct labor                                                                       324,000Factory overhead                                                              188,900Work in process inventory, April 1                                    72,300Work in process inventory, April 30                                  76,800Finished goods inventory, April 1                                     39,600Finished goods inventory, April 30                                   41,200For April, determine (a) the cost of goods manufactured and (b) the cost of goods sold.

Question
Asked Jan 9, 2020
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Glenville Company has the following information for April:
Cost of direct materials used in production                   $280,000
Direct labor                                                                       324,000
Factory overhead                                                              188,900
Work in process inventory, April 1                                    72,300
Work in process inventory, April 30                                  76,800
Finished goods inventory, April 1                                     39,600
Finished goods inventory, April 30                                   41,200
For April, determine (a) the cost of goods manufactured and (b) the cost of goods sold.

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Expert Answer

Step 1

Cost of goods sold:

Cost of goods sold is the accumulate total of all direct cost incurred in manufacturing the goods or the products which has been sold during a period. Cost of goods sold involves direct material, direct labor, and manufacturing overheads.

Cost of goods manufactured:

Cost of goods manufactured refers to the cost incurred for a making a product, that are available for sales at the end of the accounting period.

Step 2

a.

The cost of goods manufactured i...

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