Question: Please provide the accurate answer to this general accounting problem using appropriate methods. Raylan Tools Inc. has the following inventory balances: . Raw materials inventory:

Please provide the accurate answer to this general accounting problem using appropriate methods.

Raylan Tools Inc. has the following inventory balances: . Raw materials inventory: Jan 1, 2023: $90,000 Dec 31, 2023: $110,000 . Work-in-process inventory: . Jan 1, 2023: $130,000 Dec 31, 2023: $100,000 During the year, the company made raw material purchases of $680,000, incurred direct labor costs of $145,000, and had manufacturing overhead of $190,000. What is the cost of goods manufactured for 2023

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