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3. Powerful, Inc. has provided the following data pertaining to its last year of operations: . Raw materials inventory on January 1 was $100,000. .
3. Powerful, Inc. has provided the following data pertaining to its last year of operations: . Raw materials inventory on January 1 was $100,000. . Raw materials inventory on December 31 was $70,100. . Work in process inventory on January 1was $90,000. . Work in process inventory on December 31 was $76,600. . Finished goods inventory on January 1 was $210,000. Finished goods inventory on December 31 was $182,000. . Raw material purchases during the year totaled $620,000 Direct labor cost incurred totaled $89,000. Manufacturing overhead costs actually incurred totaled $476,000. . Manufacturing overhead costs applied to jobs (and transferred from Manufacturing Overhead to Work in Process) totaled $496,000. Sales totaled $2,202,000. . Selling and administrative expenses incurred totaled $25,000 How much was cost of goods manufactured? a. $1,248,300 b. $1,718,300 c. $1,324,600 d. $1,299,900 e. $1,228,300
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