Given the following information, determine the cost of goods sold
Direct Labor Incurred $62,000
Manufacturing Overhead Incurred 175,000
Direct Materials Used 150,000
Finished Goods Inventory, Jan. 1 198,000
Finished Goods Inventory, Dec. 31 98,500
Work-in-Process Inventory, Jan. 1 221,000
Work-in-Process Inventory, Dec. 31 108,000
A) $500,000
B) $608,000
C) $401,500
D) $296,500
C .C)
Work-in-Process Inventory, Jan. 1 $221,000
Direct Materials Used 150,000
Direct Labor Incurred 62,000
Manufacturing Overhead Incurred 175,000
Work-in-Process Inventory, Dec. 31 (108,000 )
Cost of Goods Manufactured $500,000
Finished Goods Inventory, Jan. 1 $198,000
Cost of Goods Manufactured 500,000
Finished Goods Inventory, Dec. 31 (98,500 )
Cost of Goods Sold $401,500
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