Consider derek's budget information: materials to be used totals $64,750; direct labor totals $198,400; factory overhead totals $394,800; work in process inventory january 1, $189,100; and work in progress inventory on december 31, $197,600. what is the budgeted cost of goods manufactured for the year? a. $1,044,650 b. $649,450 c. $657,950 d. $197,600

$649,450

Explanation:

Total cost incurred in the year = Materials + Labor + Overheads

= $64,750 + $198,400 + $394,800 = $657,950

Now costs of goods manufactured = Opening Work in process + Manufacturing expenses for the year - Closing work in process

= $189,100 + $657,950 - $197,600 = $649,450

Reason for above is - cost of goods manufactured means cost for completed goods, opening work in process would be completed during the year and cost incurred during the year is also for completed units except that incurred on closing work in process as it is incomplete.

Correct option is b) $649,450

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engine assembler, survey reasearcher, auditor