During the year, a company purchased raw materials of $77,320, and incurred direct labor costs of $126,000. Overhead is applied at the rate of 80% of the direct labor cost. These are the inventory balances:
|Raw materials inventory||$17,435||$16,427|
|Work in process inventory||241,437||234,424|
|Finished goods inventory||312,841||342,384|
Compute the cost of materials used in production, the cost of goods manufactured, and the cost of goods sold.
|Cost of materials used in production||$|
|Cost of goods manufactured||$|
|Cost of goods sold||$|
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