Using $2,419,000 as the total manufacturing costs, compute the cost of goods manufactured using the following information.
|
Raw materials inventory, January 1
|
$ 29,800
|
|
Raw materials inventory, December 31
|
36,100
|
|
Work in process, January 1
|
22,000
|
|
Work in process, December 31
|
28,100
|
|
Finished goods, January 1
|
45,000
|
|
Finished goods, December 31
|
37,300
|
|
Raw materials purchases
|
1,177,500
|
|
Direct labor
|
437,000
|
|
Factory utilities
|
143,000
|
|
Indirect labor
|
70,300
|
|
Factory depreciation
|
200,000
|
|
Operating expenses
|
346,000
|