Question - A company incurred the following costs related to the production of inventory in the current year:
Cost of materials$100,000
Cost of direct labor60,000
Allocation of variable overhead costs30,000
Allocation of fixed overhead costs (based on normal production levels)25,000
Storage costs (after production, prior to sale_2,000Selling costs8,000
The cost of materials included abnormal waste of $10,000. What is the cost of inventory in the current year?
$190,000
$205,000
$215,000
$217,000