In July, Noel & Vang Company purchased materials costing $23,100 and incurred direct labor cost of $19,800. Manufacturing overhead totaled $35,200 for the month. Information on inventories was as follows: July 1July 31Materials $6,820$7,810Work in process 770 1,320Finished goods 3,630 2,970What was the cost of goods manufactured for July?Group of answer choices$70,500$70,700$76,560$76,650

Cost of goods manufactured: The cost of goods manufactured refers to the cost incurred for making a…

Answered: In July, Noel & Vang Company purchased…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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In July, Noel & Vang Company purchased materials costing $23,100 and incurred direct labor cost of $19,800. Manufacturing overhead totaled $35,200 for the month. Information on inventories was as follows:

	July 1	July 31
Materials	$6,820	$7,810
Work in process	770	1,320
Finished goods	3,630	2,970

What was the cost of goods manufactured for July?

Group of answer choices

$70,500

$70,700

$76,560

$76,650

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