Figure out Cost of Goods manufactured for the year and I am having trouble figuring it out. This is the info I was given.
January 1, 2014 December 31, 2014
Materials $19,500 $ 8,100
Work in Process $24,000 $13,500
Finished Goods $22,500 $14,500
direct labor costs of $31,000
overhead applied $48,000
materials purchased were $25,500
$22,000 selling and administrative costs.
Target Co. sold 25,000 units of product during the year at a sales price of $5.00 per unit.
Please show how the numbers fit into a Cost of foods manufactured calculation.