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How much micol co ltd report as cost of goods manufactured

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Micol Co. Ltd's accounting records reflect the following inventories:

                                                         June 30, 2019                         June 30, 2020

Raw materials inventory                  $120,000                             $ 96,000

Work in process inventory                156,000                                174,000

Finished goods inventory                   150,000                               138,000

Question 1: During the year, Micol purchased $980,000 of raw materials, incurred direct labour costs of $175,000, and incurred manufacturing overhead totalling $224,000. How much would Micol Co. Ltd report as cost of goods manufactured for the year ending June 30, 2020? Show your working.

Reference no: EM132605128

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