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How much would micol co ltd report as cost of goods

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Reference no: EM132614769

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

                               June 30,2019                       June 30, 2020

Raw materials inventory   $120,000                             $96000

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: EM132614769

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