MEMORIZE - BEC - Cost of Goods Mfg and Sold

Question 1

Direct Materials

Answer 1

Beginning Inventory of DM
+ Direct Materials Purchased

= Direct Materials Available

• Ending inventory DM

= Direct Materials Used

Question 2

Total Manufacturing Costs

Answer 2

Direct Material Used
+ Direct Labor
+ Manufacturing Overhead

= Total Manufacturing Costs

Question 3

Cost of Goods Manufactured

Answer 3

Beg Inventory WIP
\+ Total Mfg Costs
= WIP Available
-  Ending Inventory WIP
= Cost of Goods Mfgd

Question 4

Finished Goods

Answer 4

BI Finished Goods Inventory
\+Cost of Goods Manufactured
=Goods Available for Sale
- Ending Inventory FG
= Cost of Goods Sold