Financial Accounting

Minstrel Manufacturing uses a job order costing system. During one month Minstrel purchased $198,000 of raw materials on credit, issued materials to production of $195,000 of which $30,000 were indirect. Minstrel incurred a factory payroll of $150,000, paid in cash, of which $40,000 was indirect labor. Minstrel uses a predetermined overhead application rate of 150% of direct labor cost. Minstrel's beginning and ending Work in Process Inventory are $15, 500 and $27,000 respectively. Compute the cost of product transferred to Finished Goods Inventory: $558, 500. $440,000. $413,000. $428, 500. $415,000