Justine justine industries is calculating its cost of goods manufactured at year-end. the company's accounting records show the following:
the raw materials inventory account had a beginning balance of $17,000 and an ending balance of $12,000.
during the year, the company purchased $55,000 of direct materials.
direct labor for the year totaled $121,000, while manufacturing overhead amounted to $151,000.
the work in process inventory account had a beginning balance of $22,000 and an ending balance of $21,000.
assume that raw materials inventory contains only direct materials.
1. compute the cost of goods manufactured for the year. (hint: the first step is to calculate the direct materials used during the year.)