Reference no: EM132510746
Question - Mesoblast Ltd uses a normal costing system and had the following data available for 2020:
Direct materials purchased on account $148,000
Direct materials requisitioned 88,000
Direct labor cost incurred 127,000
Factory overhead incurred 148,000
Cost of goods completed 299,000
Cost of goods sold 250,000
Beginning direct materials inventory 34,000
Beginning WIP inventory 70,000
Beginning finished goods inventory 55,000
Overhead allocation rate, as a percent of direct-labor costs 200 percent
Required - Calculate the total manufacturing cost incurred during the year 2020. Show all workings.