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15 March, 05:09

During the current year, the Jules Company incurred the following product costs:Direct materials used in production $250,000Direct labor $185,000Manufacturing overhead $245,500The Jules Company's beginning Work in Process Inventory was $20,000 and its ending Work in Process Inventory amounted to $30,000. What is the company's cost of finished goods manufactured for the year? A) $700,500. B) $690,500. C) $430,500. D) $670,500

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  1. 15 March, 05:25
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    Option (D) is correct.

    Explanation:

    Given that,

    Direct materials used in production = $250,000

    Direct labor = $185,000

    Manufacturing overhead = $245,500

    Beginning Work in Process Inventory = $20,000

    Ending Work in Process Inventory = $30,000

    Cost of finished goods manufactured for the year:

    = Direct materials used in production + Direct labor + Manufacturing overhead + Beginning Work in Process Inventory

    = $250,000 + $185,000 + $245,500 + $20,000 - $30,000

    = $670,500
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