Cost of goods manufactured is the total cost incurred by a manufacturing company to manufacture products during a particular period.
John Manufacturing Company, a manufacturer of soda bottles, had the following inventory balances at the beginning and end of 2018.
During 2018, the company purchased $1,000,000 in raw materials and incurred $1,600,000 in direct labor. Manufacturing overhead costs were as follows:
- Prepare a cost of goods manufactured statement