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

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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it is d i just took the test