David Furniture Ltd incurred the following actual costs during the year just ended: Direct material used $200,020
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Question:
David Furniture Ltd incurred the following actual costs during the year just ended: Direct material used $200,020 Direct labour $190,000 Manufacturing overhead $278, 000. The inventory balances, on 1 January, were as follows: Raw material $47 000; Work in process $61 500 Finished goods $65 000. Each of these inventory balances was 10 percent lower at the end of the year. The cost of goods manufactured is:
a.
$674,000
b.
650,000
c.
$670000
d.
None of the answers given
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