Answer:
The cost of goods manufactured for July is $ 232,000
Explanation:
<u>Raw Materials Inventories Utilized In Production</u>
Beginning Raw materials        $ 41,000
<em>Add</em> Purchases                        $ 73,000
Less Ending  Raw materials   ($ 37,000)
Used in Production                  $ 77,000
<u>Cost of goods manufactured</u>
Raw Materials                              $ 77,000
Direct labor cost                          $ 98,000
Manufacturing overhead            $ 65,000
Total Cost of Manufacturing     $ 240,000
<em>Add </em>Opening Work in process  $ 23,000
<em>Less</em> Ending Work in process    ($ 31,000)
Cost of goods manufactured   $ 232,000
Not that Manufacturing overhead are included to the amount Applied in the Manufacturing Cost