Given the following information, determine the cost of goods manufactured
Direct Labor Incurred $62,000
Manufacturing Overhead Incurred 177,000
Direct Materials Used 151,000
Finished Goods Inventory, Jan. 1 197,000
Finished Goods Inventory, Dec. 31 99,000
Work-in-Process Inventory, Jan. 1 221,000
Work-in-Process Inventory, Dec. 31 108,000
A) $390,000
B) $503,000
C) $282,000
D) $188,000
B .B)
Work-in-Process Inventory, Jan. 1 $221,000
Direct Materials Used 151,000
Direct Labor Incurred 62,000
Manufacturing Overhead Incurred 177,000
Work-in-Process Inventory, Dec. 31 (108,000 )
Cost of Goods Manufactured $503,000
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