Fred Co. incurred costs of $700,000 for direct materials (raw) purchased. Direct
labor was $5,000 and factory overhead was $20,000 for March.
Inventories were as follows:
Raw materials beginning $6,000; raw materials ending $8,000;
Work-in-process beginning $230,000; work-in-process ending $210,000;
Finished goods beginning $16,000; finished goods ending $15,500;
What is the cost of goods manufactured? Please show your work.
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