Wasik Company had the following inventory balances at the beginning and end of August 2013:
August 1 August 31
Raw material inventory 58,000 84,000
Work in Process Inventory 372,000 436,000
Finished Goods Inventory 224,000 196,000
All raw material is direct to the production process. The following information is also available about August manufacturing costs:
Cost of raw material used 612,000
Direct labor cost 748,000
Manufacturing overhead 564,000
a.) Calculate the cost of goods manufactured for August
b.) Determine the cost of goods sold for August.