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A manufacturing company reports the following items: Work in process inventory, beginning balance: $500; Work in process inventory, ending balance: $200; Direct materials: $700; Direct labor: $600; Factory overhead: $100. The cost of goods manufactured is $:________.

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Answer:

The cost of goods manufactured is $1,700

Explanation:

The manufacturing costs incurred during the current period = Direct materials cost + Direct labor cost + Factory overhead = $700 + $600 + $100 = $1,400

The cost of goods manufactured during the current period = Beginning work in process inventory + The manufacturing costs incurred during the current period - Ending work in process inventory = $500 + $1,400 - $200 = $1,700

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