Answer:
$27,000,000
Explanation:
Cost of Goods Manufactured = Direct Material Used + Direct Labor + Manufacturing Overhead + Opening Work In Progress - Closing Work In Progress
When Direct Material Used = Beginning raw materials inventory + Raw materials purchased + Ending raw materials inventory
Direct Material Used = 300,000 + 1,060,000 - 480,000 = 880,000
Direct Material Used = $880,000
Hence, Cost of Goods Manufactured = 880,000 + 820,000 + 820,000 + 1,080,000 - 900,000
Cost of Goods Manufactured= $27,000,000
Swifty Corporation's cost of goods manufactured for the year is $27,000,000
