During the current year, James Company incurred the following product costs: Direct materials used in production...
During the current year, James Company incurred the following product costs:
Direct materials used in production $257,000
Direct labor $124,500
Manufacturing overhead $184,000
James Company's beginning Work in Process Inventory was $16,000 and its ending Work in Process Inventory amounted to $28,000. What is the company's cost of finished goods manufactured for the year?
Multiple Choice
-
$577,500.
-
$553,500.
-
$308,500.
-
$581,500.
Homework Answers
Calculate cost of finished goods
| Direct material used | 257000 |
| Direct labor | 124500 |
| Overhead | 184000 |
| Total manufacturing cost | 565500 |
| Beginning work in process | 16000 |
| Less; Ending work in process | -28000 |
| Cost of goods manufactured | 553500 |
So answer is b) $553500
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