During the current year, the Jules Company incurred the following product costs:Direct materials used in production $250, 00. Direct labor $185, 000. Manufacturing overhead $245, 500. The Jules Company's beginning Work in Process Inventory was $20,000 and its ending Work in Process Inventory amounted to $30,000. What is the company's cost of finished goods manufactured for the year? A) $700,500. B) $690,500. C) $430,500. D) $670,500

To calculate the cost of finished goods manufactured, we can use the formula:

Cost of Finished Goods Manufactured = Direct Materials + Direct Labor + Manufacturing Overhead + Beginning Work in Process Inventory - Ending Work in Process Inventory

Given:

Direct materials used in production = $250,000

Direct labor = $185,000

Manufacturing overhead = $245,500

Beginning Work in Process Inventory = $20,000

Ending Work in Process Inventory = $30,000

Let's plug these values into the formula:

Cost of Finished Goods Manufactured = $250,000 (Direct Materials) + $185,000 (Direct Labor) + $245,500 (Manufacturing Overhead) + $20,000 (Beginning WIP) - $30,000 (Ending WIP)

Cost of Finished Goods Manufactured = $680,500

Therefore, the company's cost of finished goods manufactured for the year is $680,500. None of the provided options match this value exactly. The closest one is Option D) $670,500, but the accurate value based on the calculations is $680,500.