Question: I need the correct answer to this general accounting problem using the standard accounting approach. The Lincoln Production Company incurred direct labor costs of $278,000,

I need the correct answer to this general accounting problem using the standard accounting approach.

The Lincoln Production Company incurred direct labor costs of $278,000, and manufacturing overhead amounted to $224,000 during the year ended 31 May 2013. Materials purchases for the year were $245,000. Opening and closing inventories were as follows: 1 June 2012) 31 May 2013 Direct materials | $61,000 | $52,000 Required: 1. Calculate the Cost of Goocs Manufactured by Lincoln Production Company. 2. The Cost of Goods Sold by Lincoln Production Company

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