Question - Irresistable Art produces collectible pieces of art. The company's raw Material Inventory acount includes the costs of both direct & indirect materials. Account balances for the company at the beginning and end of July2012 follows:
Raw Material Inventory $93,200 (beg.) $69,600 (end)
Work in Process 146,600 120,000
Finished Goods 72,000 104,800
During the month, the company purchased $656,000 of raw material; direct material used during the period amounted to $504,000. Factory payroll costs for July were $788,000, of which 75% was related to direct labor. Overhead charges for depreciation, insurance, utilities, and maintenance totaled $600,000 for July.
What is the cost of goods manufactured?