Reference no: EM133011703
Question - Maple Mount Fishery is a canning company in Astoria. The company uses a normal costing system in which factory overhead is applied on the basis of direct labor costs. Budgeted factory overhead for the year was $680,400, and management budgeted $324,000 of direct labor costs. During the year, the company incurred the following actual costs.
Direct materials used $384,000 Direct labor 306,000 Factory overhead 658,000
The January 1 balances of inventory accounts are shown below.
Materials-all direct $70,000 Work-in-process 41,000 Finished goods 26,000
The December 31 balances of these inventory accounts were ten percent lower than the balances at the beginning of the year.
Required - What the cost of goods manufactured during the year?
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