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Difference between period cost and product costs
Cougar One, a manufacturer, reports costs for the year as follows:
Direct Materials Used
$100,000
Wages to Line Workers
50,000
Office Rent
30,000
Indirect Materials Used
200,000
How much is the total period costs for Cougar One?
Period Costs are only $30,000
$100K Direct material (DLM;
50K Direct Labor (DL) :
200K = Manufacturing overhead (MOH)
Calculating Cost of Goods sold
Cougar Two. reports the following cost information for the year :
Cost of Goods Manufactured
$70.000
Manufacturing Overhead
20,000
Finished Goods Inventory, March 1
5000
Finished Goods Inventory, March 31
1000
Work-in-Process Inventory, March 1
9,000
Work-in-Process Inventory, March 31
2,000
25,600
What is the cost of goods sold for the year?
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