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Ans:
Cost of goods manufactured: $976,500
Workings:
Cost of goods manufactured = Opening WIP + Direct materials used + Direct Labor used + manufacturing overhead assigned - Closing WIP.
COGM = 0 + $296,500 + $253,200 + $426,800 ($352,000/8,000 x 9,700) - 0 = $976,500.
Note: given closing inventory is of finished goods not work-in-progress. Hence, the same deducted from COGM.
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