Using the following information, compute cost of goods manufactured, which is the cost of inventory transferred to Finished Goods Inventory.
Work-in-process inventory, beginning balance . . . . . . . . . . . . . . . . . . . . . . $125,000
Work-in-process inventory, ending balance . . . . . . . . . . . . . . . . . . . . . . . . . . 105,000
Direct materials costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400,500
Direct labor costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 275,500
Actual manufacturing overhead costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 300,500
Applied manufacturing overhead costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 305,000