Answer:
Concord Corporation's cost of goods manufactured for the year is $2,490,000
Explanation:
For computing the cost of goods manufactured, we have to use the formula which is given below:
= Opening Work in progress inventory + Direct material used + direct labor + manufacturing overhead - ending work in progress inventory
In the given question, the direct material used is not given, so we have to compute it. The formula is given below:
= Opening balance of raw material inventory + Purchase of raw material - ending balance of raw material inventory
= $300,000 + $930,000 - $480,000
= $750,000
And, the other values will remain the same.
So, the answer would be equal to
= $1,080,000 + $750,000 + $870,000 + $690,000 - $900,000
= $2,490,000
Hence, Concord Corporation's cost of goods manufactured for the year is $2,490,000
