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During the year, a manufacturing company had the following operating results: Beginning work-in-process inventory $ 46,500 Beginning finished goods inventory $ 193,000 Direct materials used

During the year, a manufacturing company had the following operating results:

Beginning work-in-process inventory

$ 46,500

Beginning finished goods inventory

$ 193,000

Direct materials used in production

$ 314,000

Direct labor

$ 490,000

Manufacturing overhead incurred

$ 256,000

Ending work-in-process inventory

$ 70,000

Ending finished goods inventory

$ 90,500

What is the cost of goods manufactured for the year?

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