The following balances was extracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007 Stock of raw materials 1 - 1 - 2007 8000 Purchase...

The following balances was extracted from the books of Oluwalambe Ltd, manufacturer, on 31st December 2007

Cost of goods produced is

Answer Details

Cost of Goods Produced = Prime Cost + Factory Overhead Cost + Opening Work in Progress - Closing Work in Progress 
Prime Cost: #500,000 (from previous question) Factory Overhead Cost: #63,500 (from previous question) 
Cost of Goods Produced = #500,000 + #63,500 + #32,500 - #37,500 
Cost of Goods Produced = #558,500