Question - Fred Co. incurred costs of $700,000 for direct materials (raw) purchased. Direct labor was $5,000 and factory overhead was $20,000 for March. Inventories were as follows: Raw materials beginning $6,000; raw materials ending $8,000; Work-in-process beginning $230,000; work-in-process ending $210,000; Finished goods beginning $16,000; finished goods ending $15,500; What is the cost of goods manufactured? Please show your work.