Answer:
a. $572,500
Explanation:
With regards to the above information, cost of goods manufactured is computed as;
= Conversion cost + Direct materials used - (Change in WIP balances)
= $429,000 + $149,000 - ($62,500 - $57,000)
= $429,000 + $149,000 - $5,500
= $572,500
Based on the direct materials, conversion and other costs, the cost of goods manufactured was $572,500.
Cost of goods manufactured is calculated as:
= Beginning work in process + Total manufacturing cost - Ending Work in process
Total manufacturing cost:
= Conversion cost + Direct material
= 429,000 + 149,000
= $578,000
Cost of goods manufactured is therefore:
= 57,000 + 578,000 - 62,500
= $572,500
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