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The following information is available for Ethtridge Manufacturing Company for the month ending July 31:

Cost of direct materials used in production $1,150,000
Direct labor 966,000
Work in process inventory, July 1 316,400
Work in process inventory, July 31 355,500
Total factory overhead 490,500

Required:
Determine Ethtridge's cost of goods manufactured for the month ended July 31.

Answer :

Tundexi

Answer:

                             Statement of cost of goods manufactured

Work in process inventory, July 1                                                 $316,400

Add:  Cost of direct materials used in production  $1,150,000

Direct labor                                                                $966,000

Total factory overhead                                              $490,500

Total manufacturing cost incurred                                               $2,606,500

Total manufacturing costs                                                            $2,922,900

Less: Work in process inventory, July 31                                     $355,500

Cost of goods manufactured                                                       $2,567,400

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