Calculate the total product cost for the year ended December 31.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:QUESTION 7
Boris' Car Loft, Inc., began operations on January 1. It manufactures 10,000 automobiles and sold 8,000. It incurred the following costs during the year:
Factory worker wages
$ 40,000
Chief Financial Officer's salary
600,000
Factory rent
80,000
Factory materials
40,000
Corporate headquarters' rent
200,000
Calculate the total product cost for the year ended December 31.
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