Vermont State, Inc. used $151,000 of direct materials and incurred $62,000 of direct labor costs during...

 

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Vermont State, Inc. used $151,000 of direct materials and incurred $62,000 of direct labor costs during the year. Indirect labor amounted to $272,000, while indirect materials used totaled $52,500. Other operating costs pertaining to the factory included utilities of $133,000; maintenance of $70,860; repairs of $52,900; depreciation of $132,000; and property taxes of $70,840. There was no beginning or ending finished goods inventory, but Work-in-Process inventory began the year with a $5,000 balance and ended the year with a $7,700 balance. How much is the cost of goods manufactured? Vermont State, Inc. used $151,000 of direct materials and incurred $62,000 of direct labor costs during the year. Indirect labor amounted to $272,000, while indirect materials used totaled $52,500. Other operating costs pertaining to the factory included utilities of $133,000; maintenance of $70,860; repairs of $52,900; depreciation of $132,000; and property taxes of $70,840. There was no beginning or ending finished goods inventory, but Work-in-Process inventory began the year with a $5,000 balance and ended the year with a $7,700 balance. How much is the cost of goods manufactured?

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