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What the its cost of goods sold for the year

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Reference no: EM132950334

Question - Marigold Corp.'s accounting records reflect the following inventories:

Dec. 31, 2020 Dec. 31, 2019

Raw materials inventory $310000 $260000

Work in process inventory 300000 160000

Finished goods inventory 190000 150000

During 2020, $1000000 of raw materials were purchased, direct labor costs amounted to $718100, and manufacturing overhead incurred was $592000.

If Marigold Corp.'s cost of goods manufactured for 2020 amounted to $2120100, what the its cost of goods sold for the year?

Reference no: EM132950334

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