Direct materials used totaled $78,320; direct labor incurred totaled $215,640; manufacturing overhead totaled $298,750; Work in Process Inventory on January 1, 2023, was $157,830; and Work in Process Inventory on December 31, 2023, was $142,940. What is the cost of goods manufactured for the year ended December 31, 2023?

Direct materials used totaled $78,320; direct labor incurred totaled $215,640; manufacturing overhead totaled $298,750; Work in Process Inventory on January 1, 2023, was $157,830; and Work in Process Inventory on December 31, 2023, was $142,940. What is the cost of goods manufactured for the year ended December 31, 2023?

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6PB: During the year, a company purchased raw materials of $77,321 and incurred direct labor costs of...

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