Question: Summit Manufacturing had $ 1 0 , 0 0 0 of direct materials on hand at the beginning of the year and $ 9 ,

Summit Manufacturing had $10,000 of direct materials on hand at the beginning of the year and $9,000 on hand at the end of the year. During the year, the company purchased $42,000 of direct materials, and incurred $22,000 of direct labor and $17,000 of manufacturing overhead. The company had $26,000 of inventory in Work-in-Process Inventory at the beginning of the year and $12,000 at the end of the year. What is the cost of goods manufactured for the year?

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