Answer:
Statement of cost of goods manufactured
Work in process inventory, July 1 $316,400
Add: Cost of direct materials used in production $1,150,000
Direct labor $966,000
Total factory overhead <u>$490,500</u>
Total manufacturing cost incurred <u>$2,606,500</u>
Total manufacturing costs $2,922,900
Less: Work in process inventory, July 31 <u>$355,500</u>
Cost of goods manufactured <u>$2,567,400</u>
