Cost of direct materials, cost of goods manufactured, cost of goods sold bisby company manufactures fishing rods. at the beginning of july, the following information was supplied by its accountant: raw materials inventory $40,000 work-in-process inventory 21,000 finished goods inventory 23,200 during july, the direct labor cost was $43,500, raw materials purchases were $64,000, and the total overhead cost was $108,750. the inventories at the end of july were: raw materials inventory $19,800 work-in-process inventory 32,500 finished goods inventory 22,100 required:

1. what is the cost of the direct materials used in production during july? $
2. what is the cost of goods manufactured for july? $
3. what is the cost of goods sold for july?

1. $84,200

2. $224,950

3.  $226,050

Explanation:

The computations are shown below:

1. Cost of the direct materials used would be

= Beginning Raw materials inventory balance + raw materials purchases - ending Raw materials inventory balance

= $40,000 + $64,000 -$19,800

= $84,200

2. Cost of goods manufactured would be

= Direct materials used + Direct labor cost + Manufacturing overhead cost  + beginning work-in-process inventory - ending work-in-process inventory

= $84,200 + $43,500 + $108,750 + $21,000 - $32,500

= $224,950

3. Cost of goods sold would be

= Beginning Inventory + Cost of goods manufactured - Ending Inventory

= $23,200 + $ 224,950 - $22,100

= $226,050

the definition of a small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. a local bakery that employs 10 people is an example of a small business. a manufacturing facility that employees less than 500 people is an example of a small business.

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