Question: Wasik Company had the following inventory balances at the begin-ning and end of August 2010: August 1 August 31Raw Material Inventory $ 58,000 $ 84,000Work in Process Inventory 372,000 436,000Finished Goods Inventory 224,000 196,000All raw material is direct to the production process. Th e following information is alsoavailable about August manufacturing costs:Cost of raw material used $612,000Direct labor cost 748,000Manufacturing overhead 564,000
a. Calculate the cost of goods manufactured for August.
b. Determine the cost of goods sold for August.