Total manufacturing costs for the year are $113,600, work in process on January 1 is $25,100 and work in process on December 31 is $3,100. What is the budgeted cost of goods manufactured?

1. Manufacturing costs for the year of $113,600 are added to opening work in process of $25,100. 2. Total work in process during the year is $113,600 plus $25,100, which is $138,700. 3. Closing work in process of $3,100 is product still unfinished and is deducted. 4. Cost of goods manufactured is $138,700 minus $3,100, which is $135,600. 5. $138,700 is the total before unfinished product is removed. 6. $110,500 ignores the opening work in process and deducts only the closing balance. 7. $141,800 adds the closing balance, treating unfinished product as though it had been completed. _Source: Jonick, Principles of Managerial Accounting (UNG Press, CC BY-SA 4.0), section 7.7 Cost of Goods Sold Budget_