Top Strings Inc. manufactures several wood and string instruments. In particular, it is well-known for its production of classic guitars. Assume that Top Strings uses a periodic inventory system and a physical count of inventory takes place at year end. The company accumulated the following costs and account balances for the year ended December 31, 2019 with respect to direct materials:

In addition, the following table shows Top Strings remaining costs for the year:

1. Calculate the cost of direct materials used in production for the year.

2. What is the total manufacturing overhead cost for the year?

3. Calculate total manufacturing costs.

4. If there is no beginning work in process inventory and ending work in process inventory is $50,000, what is the cost of goods manufactured?

\begin{tabular}{|l|r|} \hline Balance of materials on January 1,2019 & $200,000 \\ \hline Balance of materials on December 31,2019 & 150,000 \\ \hline Materials purchases during 2019 & 750,000 \\ \hline \end{tabular} \begin{tabular}{|l|r|} \hline Indirect materials & $60,000 \\ \hline Direct labor & 300,000 \\ \hline Indirect labor & 160,000 \\ \hline Utilities, factory & 70,000 \\ \hline Utilities, office & 20,000 \\ \hline Insurance, factory & 15,000 \\ \hline Advertising & 25,000 \\ \hline \end{tabular}