Danville Co. provided the following information for the year ended December 31, 20Y1: Work-in-process inventory - beginning balance $620,000 Work-in-process inventory - ending balance $570,000 Direct material placed in production $78,000 Selling expenses $85,000 General and administrative expenses $245,000 Direct labor used in production $130,000 Manufacturing overhead $590,000 Compute the costs of goods manufactured during the year ended December 31, 20Y1. Group of answer choices $748,000 $1,128,000 $1,418,000 $848,000

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A:

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A:

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A: The cost of goods sold includes the cost of goods sold during the period.

Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.